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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Famous Rapper Logic Just Made a “Big Investment” In Bitcoin

Nick Chong
Nick Chong
1 year ago
2 mins read

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Bitcoin trended on Twitter this past week as its price shot higher in the biggest move in months. In the span of a day, the price of BTC rallied by approximately $2,000, shocking most investors.

The move garnered so much attention that famous celebrities began to discuss the cryptocurrency once again. One such celebrity was Sir Robert Bryson Hall II, also known as Logic. Logic is a now-retired rapper and content creator whose records have topped the charts on many occasions. His net worth is estimated to be $15 million.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Just Got Another Celebrity Backer

Logic tweeted on November 6th, a day after the $2,000 move higher, that his manager Chris Zarou convinced him to buy Bitcoin. Zarou is the chief executive of Visionary Music Group, the label for Logic, along with a number of other artists such as Jeremy Zucker.

“My manager @ChrisZarou has been bugging me so I finally made a big investment in #Bitcoin.”

My manager @ChrisZarou has been bugging me so I finally made a big investment in #Bitcoin

— Rappy Gilmore (@Logic301) November 6, 2020

Days prior to Logic announcing his support for Bitcoin. Zarou tweeted that he is “irresponsibly long” on Bitcoin.

Irresponsibly long is the term phrased by Raoul Pal, CEO of Real Vision and a retired hedge fund manager. Pal has over 60% of his liquid net worth in either Bitcoin or Ethereum, citing how he expects macroeconomic trends to send the cryptocurrency much higher than it is today.

Pal said that the price of Bitcoin could hit $1,000,000 in this market cycle due to institutional interest. He says that central banks and large corporations may soon own BTC to hedge their portfolios against inflationary risks.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Public Interest Not Yet On the Rise

While Logic and other celebrities such as TikTok star Bryce Hall are buying Bitcoin, public interest is not yet on the rise as per Google Trends.

Google Trends shows that the search interest in the term “Bitcoin” and other crypto-related terms are still at multi-year lows.

Many see this as a sign that it is largely institutional players and those in the know like Logic that are driving the rally. This is made clear by institutional investment numbers reported by Grayscale, Stone Ridge Asset Management, and other fund managers and institutions dabbling in the space.

Analysts hope that once retail investors begin to enter the market, then the true market will begin. Retail investors are believed to be what drove the previous Bitcoin rally from the thousands of dollars range toward $20,000.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
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Famous Rapper Logic Just Made a "Big Investment" In Bitcoin
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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