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Bitcoin has rallied approximately 124.3% in the past one year and is now up 17.4% and 12.3% in the past two weeks and seven days respectively.
30-year-old American rapper Sir Robert Bryson Hall II alias Logic has joined a list of celebrities who have invested in the crypto market, particularly Bitcoin. Logic indicated that he had purchased $6 million worth of Bitcoins last month. The rapper revealed through an Instagram video that he shared yesterday. “My $6 million in Bitcoin last month. F*** it. YOLO. Seriously,” he said in the video.
As a way to commemorate his entry into the Bitcoin market, logic changed his Twitter name from ‘Bobby Bathroom Break’ to ‘Bobby Bitcoin’. With 2.4 million Twitter followers, entrance into the Bitcoin market by Logic is likely to influence a significant portion of his followers in the coming months.
The fear of missing out popularly referred to as FOMO is real and can majorly influence uninformed investors in the market. The rapper is acting more of a ‘Bitcoin ambassador’ to his followers, thus selling the news to his followers. Investors are now buying the selling of news with the greed factor at its highest level since 2018.
Notably with Bitcoin having jumped over 53% in the past 30 days according to CoinGecko, Logic has already made a profit in millions. Such an incredible trade with the largest digital asset by market capitalization.
Prospects of Bitcoin Investment
Bitcoin has provided a safe haven to most millennial investors who do not have the necessary knowledge in the stock market industry. Moreover, the crypto industry has shown to have better returns than the stock market due to the high volatility in short periods.
According to the metrics provided by CoinGecko, Bitcoin has rallied approximately 124.3% in the past one year and is now up 17.4% and 12.3% in the past two weeks and seven days respectively. A survey done by CoinGecko indicates that 85% of Bitcoin investors are happy with the asset’s market performance.
Bitcoin has a market capitalization of $338,815,182,690 with its past 24 hour trading volume at $28,336,137,915. Notably, there are 18,548,862 units of Bitcoin circulating in the global market.
Institutional investors and high net worth individuals are finding the bitcoin market very lucrative especially during the pandemic. Grayscale Investments, the largest Bitcoin holding company, has recently indicated that its total assets under management had surpassed $10 billion with its Bitcoin trust holding over 500k units.
Hedge fund managers are also among those opting to purchase bitcoin and other crypto assets. With time, Bitcoin’s high demand in a scarce supply market will position it to skyrocket. In addition, the depreciating United States dollar has prompted investors to opt for the crypto market, particularly Bitcoin due to its low inflation rate.