YouTuber KSI says Bitcoin is the future

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YouTuber KSI said bitcoin is the future and digital currency is a long term thing.

The rapper and videographer, real name Olajide “JJ” Olatunji, made the comments in an interview with GQ.

When asked what he would do, hypothetically, if he were Prime Minister, KSI replied: I would give everyone 100 Bitcoins as a Bitcoin stimulus package for everyone. I am really into crypto. I think Bitcoin is the future. It’s definitely going to be long term, but ten years from now people who have invested are going to be laughing.

He continued: Just look at how inflationary money is, compared to Bitcoin, which is not. There is a fixed amount that you cannot increase the amount of Bitcoin that is valuable. I feel like a lot of people don’t really see this: they’re trying to get some quick money like, Oh, I wanna go in and out. It’s a long haul thing and I’m here for the trip.

This year, the rapper said he invested $ 7 million in cryptocurrency but lost everything due to the Bitcoin crash.

KSI invested $ 2 million in cryptocurrency in November and December 2020. It has been a full trip, but I had to experience it. I understand it perfectly now, he said. I put money into things where I basically got into debt and got a little too much debt to the point where I lost money because of it.

Since then, bitcoin has crashed several times. In February, the price of the digital coin fell more than 20% in over 24 hours, as did other cryptocurrencies including Ethereum (ether), Ripple (XRP), litecoin, bitcoin cash and dogecoin with more $ 400 billion wiped out of the combined market. .

The market collapsed again in May after China announced a payment crackdown, pushing the price down to below $ 40,000, and again in June

The National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China asserted in a joint statement that cryptocurrencies are not backed by real value.

Despite the losses, KSI said investing in cryptocurrency is not a game and is still fully crypto, although this opinion may not be shared by those without access to its value. net estimated at $ 15 million.

Michael Foote, CEO of insurance comparison site Quote Goat, lost 500 in 24 hours in December 2017. For the average person like me, bitcoin is still a bet, he told TheIndependent. But people treat him like a punt.

Echoing advice later given by the Bank of England, Foote continued: I am very strongly against encouraging anyone to invest unless they are happy to lose everything.

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