From what we can see, Bitcoin’s popularity will never stop to grow. The network already counts over 5 million users and thousands more are joining it with each passing day. Not only that, but 2020 and 2021 have been very beneficial for this cryptocurrency because not only did Bitcoin break the 2017 record in value with ease, but managed to go over $50,000, which is quite a mesmerizing number.
Still, many people disbelieve the power that Bitcoin has and claim that it has no value and that it is all a scam, which is not true. Many global brands accept it as a payment method – Wikipedia, Microsoft, Starbucks, and Whole Foods are just a few of those brands. As for the claim that no one actually invests in Bitcoin, we wanted to debunk this myth by naming a few celebrities that have decided to invest in it. Before we do that, let’s see how investors make money with it.
How Do They Make Money?
There are two ways to earn Bitcoins. The first way is to buy them and the second is to mine them. Mining Bitcoins is pretty hard and complicated, but it is free, which is why many experienced traders choose this option.
In layman’s terms, mining actually involves solving complex puzzles. For each puzzle that you solve, you receive a certain amount of Bitcoins. Each solved puzzle means that you have successfully recorded and verified a Bitcoin transaction. To add to that, each transaction is called a block, while a certain amount of blocks forms a blockchain.
Once you earn them, all that is left is to sell them. This is where trading sites step in. They are not just marketplaces that act as middlemen between you and a buyer. They help you profit from rises and falls from value. Let’s take Immediate Edge as an example of how they help you.
This particular platform uses an advanced AI system that analyzes the market and collects all data about Bitcoin. After the data is collected and filtered, the algorithms can predict Bitcoin’s future fluctuations and determine when will the cryptocurrency rise and fall in value. In doing so, traders are able to sell their Bitcoins at the perfect moment and maximize their profits.
Now, it’s time to unveil some celebrities that have invested in Bitcoin.
The retired rapper and one of the best lyricist of the new age invested an insane amount of money back in the fall of 2020. Logic stated that he paid around $6 million to purchase Bitcoins. During this time, Bitcoin was still valued at around $10,000 per unit. Considering the fact that Bitcoin is now valued at around $50,000, we estimate that Logic has made a handsome profit from his investment.
When there are words such as profit and money, you know that Floyd Mayweather will stick his nose. The retired boxer and one of the wealthiest athletes has invested in this cryptocurrency. Not only that, but he also promoted cryptocurrencies a few years ago. Although he has not opened up about whether he profited from the investment or not, we firmly believe that he received a good paycheck.
Lastly, we have one of the most popular scientists in the world and the owner of Tesla and SpaceX. Elon Musk has always been a supporter of new and innovative technologies. Recently, Elon invested over $1.5 billion in Bitcoin through Tesla and stated that the company plans on accepting it as a payment method in the future. The interesting thing about this investment is that it is speculated that they’ve already netted around $1 billion in profits.