Andrew Tates Losses on 100 Million Bitcoin Bet Revealed
Popular influencer Andrew Tate made a somewhat controversial announcement on social media platform X on May 15, stating that he planned to shift away from traditional fiat currencies and invest $100 million in Bitcoin. Although it is unclear whether he followed through with this statement, it is evident that Tate holds a significant amount of the digital asset.
In a subsequent tweet, Tate mentioned that he has more cryptocurrency holdings than fiat currency and is considering completely abandoning traditional currencies. This decision seemed to have come to fruition by June 25, 2024, when the price of Bitcoin experienced a substantial decline.
In light of these events, Finbold sought to analyze the potential losses incurred by Tate from his decision to abandon fiat currencies on May 15. Based on the timing of his initial tweet and the prevailing market conditions, it is estimated that Tate would have purchased approximately 1,515 Bitcoins, valued at around $66,000 each at that time. However, given the recent price drop, the investment would now be worth just over $92 million.
Despite the apparent losses, technical analysis suggests that these may not be permanent. In fact, a significant buy signal was identified on June 25, indicating a potential reversal in Bitcoin’s trend and hinting at an imminent rally. The cryptocurrency’s recent price action further supports this analysis, as it managed to evade a significant decline and even surpassed the $61,000 mark.
It is important to note that the information provided in this article should not be construed as investment advice. All investments carry a degree of risk, and individuals should exercise caution when making financial decisions.
