If you love rock music, you must have heard about Gene Simmons, and maybe about his Cardano investment. He is truly a rock god, even though he plays the role of a demon in his band KISS. The band which came into existence in the 70s still rocks out the crowd.
Who is Gene Simmons?
Gene Simmons is a man associated with one of the most popular bands for more than 50 years. The band has sold more than 100 million records. But you will be shocked to know that Gene Simmons’s net worth is increasing every day because of his clever business savvy tricks.
Recently there was news that Gene Simmons’s investment in Cardano had doubled since February. Rock star’s heavy investment in crypto for the past few years has paid him off handsomely.
What is Cardano?
Cardano is one of the first blockchain platforms that has got worldwide consideration. The blockchain platform has the face of a safe and secure blockchain with the best use cases. The best part about Cardano is that it can redistribute power from accountable structures to margins. At present, the market capital of Cardano stands at $76,941,586,407.
Cardano has the rank three after Bitcoin and Ethereum in the list of best cryptocurrencies. Visit trustpedia.io/dictionary/e/exchange-traded-fund-etf/ to know more about types of investment and how to start trading.
Cardano is a third-generation cryptocurrency. It uses the examples of first-generation and second-generation cryptocurrencies to enhance its capability.
Cardano has more advancements like security, sustainability, and multiple layers of architecture to enhance the versatility.
Gene Simmons investment in Cardano
As per a news report in CoinDesk, in February, Gene Simmons tweeted that he had $300,000 of Cardano’s blockchain ADA currency. He was also of the opinion that it is one of the best cryptocurrencies that he believes in.
His conviction in cryptocurrency has given the result as the price of ADA doubled. At the moment, the worth of the token is more than $700,000.
ADA is not the first crypto that Simmons has. In an interview with Altcoin Daily on the YouTube platform, Simmons gave this confirmation. “I like Cardano, even though it has an idiot name. He wants people to call Cardano by its trading name “ADA.”
After the YouTube interview, Simmons did not add anything. But he was asked to comment by several news channels and crypto platforms like CoinDesk. In the same interview, Simmons said that in addition to Cardano, he also has bitcoin, ether, and Litecoin.
As per Simmon’s interview, the cost of Cardano was just $10000 when he bought it. But, now, the currency is at a value of $57000. Simmons’ interview also suggests that all his cryptocurrency works well, and it’s lucky for him.
The musician purchases 0.2% of the cryptocurrency that he believes will grow ten folds. He did not name any cryptocurrency because he thought that naming it would pump the crypto price unnecessarily. As per his comment on a YouTube channel, he wants to rise naturally without manipulating the market. He is also a fan of Charles Hoskinson, who is the developer of the Cardano blockchain.
BTC and the ETH are the most valuable cryptocurrency in his crypto portfolio as per the percentage. However, he decided to sell dogecoin (DOGE) earlier this year after the tweet by Elon Musk. But he will keep the remainder of his cryptocurrency for almost a decade.
Simmons doesn’t believe in advising anyone as he feels that he is not a full-time investor and does not have industry knowledge. Thus, he asks people to use their common sense while making any investment.
The ride to $65000
Simmons said in an interview with CNBC that he joined the crypto craze when the coronavirus pandemic began. He was having an educational conversation with Gemini CEO Tyler Winklevoss. He invested around a million into bitcoin after the educational conversation. At that time, the price was around $10,000.
He is increasing and improving his portfolio gradually. He was also happy about the way BTC rose to an all-time high in April. He is a holder type of investor as he believes that investment should be for the long run to earn significant profits.
Once, Simmons also gave a forecast for his fans. As per the forecast, the primary cryptocurrency will witness price appreciation. In the first part of 2022, the value will be between $55000 and $60000. After that, the rock legend will allocate more money to it as he believes, “I am all in, I am putting more into it.”
The 71-year-old musician has his support not only to BTC but also to ETH.
Acceptance of crypto for the art collection
He has a passion for drawing. In the last 50 years, he has created many paintings that he is now offering for sale. The Venetian Animazing Gallery sells his art collection. Since Gene Simmons supports digital assets, he will also accept cryptocurrency payments when people purchase his art.
Not the first investment
Gene Simmons’ investment in crypto got the beginning in 2020 at the time of the pandemic. At the beginning of 2021, he purchased Cardano worth $300,000. As per his interview, the year 2021 will be most productive in increasing the value of cryptocurrencies. It is the fundamental reason that Gene Simmons has put all his trust into the virtual assets.
At the end of the interview, Simmons gave a disclaimer that the public should not think of him as a financial analyst. He has complete faith in his investment. But people should not trust him blindly when it comes to investment. He asks people to make choices wisely. Research about your investment and create a crypto portfolio only when you are sure about it.
After the investment by famous stars, let’s see how the value of crypto will increase.