Famous American rapper announces “significant investment” in Bitcoin

Bitcoin has been trending on Twitter for the past week as the price recently recorded its biggest gain in the past few months. In the space of a day, the price of BTC increased by about $2,000, shocking most investors.

The move has attracted so much attention that some celebrities have started discussing the cryptocurrency again. One such celebrity is Sir Robert Bryson Hall II, also known as Logic. Logic is a retired rapper and content creator whose track record has topped the charts on many occasions. In 2018, his song "1-800-273-8255" was nominated for the 60th Grammy Awards for Song of the Year and Best Music Video. His net worth is estimated to be $15 million .

Logic tweeted on Nov. 6, a day after the price rose by $2,000, that his manager, Chris Zarou, convinced him to buy Bitcoin . Zarou is the CEO of Logic’s record label, Visionary Music Group, which includes many other artists such as Jeremy Zucker.

Logic said, "My manager Chris Zarou has been convincing me, so I finally made a big investment in Bitcoin."

Days before Logic announced its support for Bitcoin, Zarou tweeted that Bitcoin was “rising like crazy.”

Raoul Pal, the retired hedge fund manager and CEO of Real Vision, used even more aggressive language. Pal has more than 60% of his net worth in liquid assets in Bitcoin or Ethereum, citing his expectation that macroeconomic trends will push crypto prices much higher than they are today .

Pal said Bitcoin’s price could reach $1 million in this market cycle due to institutional interest. He said some banks and large companies may soon hold BTC to hedge their portfolios and protect against inflation risks.

Although other celebrities like Logic and TikTok star Bryce Hall are buying Bitcoin, public interest in Bitcoin has yet to increase according to Google Trends.

Google Trends shows that search interest in “Bitcoin” and other cryptocurrency-related terms remains at multi-year lows.

Many believe that the main factor driving the Bitcoin rally this time is the increase in institutional participation and the involvement of big names such as Logic. Grayscale, Stone Ridge Asset Management and other fund managers involved in the space, as well as the institutional investment figures shown in some reports, clearly show this.

Analysts predict that once retail investors begin to enter the market, the real market frenzy may begin, and most people also believe that retail investors are the root cause of the previous Bitcoin rally from thousands of dollars to $20,000 . It is unknown whether the same thing will happen in the future.

The original text comes from newsbtc and is translated by Blockchain Knight. The English copyright belongs to the original author. Please contact the translator for Chinese reprint.