Back on May 15, the popular influencer Andrew Tate made a somewhat controversial post on X claiming he is about to abandon fiat currencies in favor of cryptocurrencies with a $100 million Bitcoin (BTC) investment.
While it remains unclear if he had done so, particularly given his subsequent reply to the tweet, there is little doubt that the former kickboxing star owns a significant amount of the digital asset.
Whatever the specifics may be, the idea of abandoning the banks and the ‘scams’ apparently came home to roost by June 25, 2024 – a little over a month later – with a massive plunge in the price of Bitcoin.
Picks for you
So, assuming that post was earnest and not an attempt to score some cheap social media posts, Finbold decided to ask and answer just how much did the influencer lose by abandoning fiat currencies on May 15.
How much did Tate lose on the $100 million BTC investment
Looking at the timing of Andrew Tate’s initial tweet, it appears likely that the May 15 purchase would have been made during the afternoon of the day – a time when Bitcoin generally remained close to $66,000.
Assuming the influencer indeed purchased $100 million worth of BTC on the date, he would have acquired approximately 1,515 Bitcoins.
Given the coin’s significant decline in the last 30 days, the investment would be worth just over $92 million at press time on June 25.
Tate’s Bitcoin losses unlikely to be permanent
Though Tate’s potential – and likely unrealized – losses of $8 million are nothing to scoff at, technical analysis (TA) reveals they are not likely to last.
Indeed, earlier on June 25, TD Sequential – a tool used to identify likely trend reversals by analyzing historical performance – flashed a significant buy signal hinting at an imminent BTC rally.
Bitcoin’s price action since the day started hints that technical analysis may be correct about the cryptocurrency as Bitcoin evaded falling below $59,000 and, indeed, crossed back above $61,000.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
