The former kickboxing star and current social media influencer Andrew Tate has been getting increasingly involved with the cryptocurrency markets since the start of 2024.
Indeed, the celebrity has launched his own meme coin – Daddy Tate (DADDY) – pledged to crash Solana (SOL), and expressed his bullishness about Bitcoin (BTC) and Ethereum (ETH) to the point of calling his fans ‘losers’ upon the cryptocurrencies reaching certain price milestones.
Perhaps the biggest move – or rather, the biggest possible move with Tate apparently reneging on the announcement hours later – came on May 15 when the influencer stated he is sick of scams and fiat currencies and would be investing some $100 million in Bitcoin.
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How much is Andrew Tate down on Bitcoin since May
Looking at the timing of the X post, it is likely that Andrew Tate made the Bitcoin investment – again, provided he actually made the investment – during the afternoon of May 15, a time when BTC was trading near $66,000.
By press time on Monday, August 5, Bitcoin fell to $50,849 – a low not seen in 6 months. If the influencer truly bought $100 million worth of BTC in May, he would have lost as much as $23 million on the investment by early August.
Though Tate made no explicit pledges to buy Ethereum in May, his continued positivity about the token and the claim he owns more crypto than fiat currency also likely mean he is substantially down on ETH. Indeed, between mid-May and early August, the cryptocurrency plunged a substantial 25.27% and is near its yearly lows as it is, at press time, trading at $2,242.22.
Bitcoin at risk of plunging below $50,000
No matter the specifics of the influencer’s trading activities, Tate and many other cryptocurrency investors are simultaneously at risk of major losses and potentially faced with a major value buying opportunity on August 5.
Indeed, the crypto markets have – along with the global stock markets – experienced a deep plunge over the weekend on recessionary and geopolitical fears, with Bitcoin threatening to collapse below yet another important psychological support zone at $50,000.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
