Rapper “Logic” bought 6 million in Bitcoin last month, profit of at least $2 million
An American retired rapper, Logic recently posted a video on Instagram, bragged that he “bought six million in Bitcoin last month,” like “Fuck it” and “YOLO.”
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Logic has changed the name on his Twitter account to Bobby Bitcoin, which incorporates his new business venture with a reference to his alias Bobby Tarantino.
He did not say how much Bitcoin he holds now, with $6 million, if he bought at the market top on Oct. 31, he can buy roughly 433 BTC at a price of around $13,850. Today, those 433 BTC are worth $7,926,500 at the time of writing, representing a profit of almost $2 million.
If he starts in early October, he would have netted him almost 570 BTC at a price of around $10,550. These would now be worth $10.4 million, representing a profit of $4.4 million, or an almost 75% return on his initial investment. Not bad.
Just a few months ago, Microstrategy brought its total bitcoin holdings to a total of $425 million, these would now be worth $700 million.
Mexican billionaire ($13 billion net worth) Ricardo Salinas Pliego recently put 10% of his liquid investment portfolio into Bitcoin because he thinks the coin is a hedge against government encroachment.
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