American Rapper Logic Buys Bitcoins Worth $6 Million

US rapper, Logic has announced buying Bitcoin worth $6 million. Recently, the third richest person in Mexico admits to buying some cryptocurrencies too.

November 20, 2020 | AtoZ MarketsBitcoin price has surged higher over the past few days and past few weeks. As a result, the rally has drawn the attention of many investors and users that normally don’t dabble in this space. Rapper “Logic” recently said that he wants to “count his Bitcoin” to his 2.4 million Twitter followers.

Logic buys Bitcoin

Robert Bryson Hall II aka Logic

Rapper Logic buys $6 million Bitcoin

American rapper Sir Robert Bryson Hall II, known under the pseudonym Logic, announced the purchase of "$6 million in bitcoins." A short video with the musician appeared on Instagram.

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According to him, he invested a large amount last month. The exact date and other details were not announced by Logic.

Users' opinions on whether the performer really invested in cryptocurrency were divided: some praised the rapper, others doubted his sincerity.

If Logic made an investment on October 31 at the rate of $ 14,000, then for $ 6 million it received about 428 BTC. Exactly a month ago, on October 20, the price of the first cryptocurrency was around $ 11,700 - a musician could buy about 512 BTC.

Billionaires investing in Bitcoin

Billionaires are starting to invest in Bitcoin as the price continues to rally. For example, Mexico’s third-richest man  Ricardo Salinas Pliego, worth $13 billion, recently invested 10% of his liquid investment portfolio into Bitcoin.

The Mexican billionaire invested in BTC because he thinks the coin is a hedge against government encroachment.

Other billionaires such as Paul Tudor Jones and Stanley Druckenmiller are also getting involved in the cryptocurrency market as well. Paul Tudor Jones, one of the world’s best asset managers, commented in June on Bitcoin:

“One thing that piqued my interest from this list of assets, and that one day might be brought to prominence by the GMI, is Bitcoin. Truth in advertising, I am not a hard-money nor a crypto nut. I am not a millennial investing in cryptocurrency, which is very popular in that generation, but a baby boomer who wants to capture the opportunity set while protecting my capital in ever-changing environments. One way to do that is to make sure I am invested in the instruments that respond first to the massive increases in global money. And given that Bitcoin has positive returns over the most recent time frames, a deeper dive into it was warranted.”

The price of Bitcoin is set to move higher as institutional and retail flows increase.

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