By CCN: Don't believe the hype. Gene Simmons may promote many things, but he doesn't go near anything unless he has an "emotional connection," to it, he once told CNBC. Apparently, bitcoin is near and dear to his heart and the crypto winter didn't freeze…
By CCN: Don’t believe the hype. Gene Simmons may promote many things, but he doesn’t go near anything unless he has an “emotional connection,” to it, he once told CNBC. Apparently, bitcoin is near and dear to his heart and the crypto winter didn’t freeze him out.
Simmons was among those in attendance at a recent crypto event for family offices, which is another way of saying, wealthy investors. Considering his net worth of approximately $300 million, the Kiss co-founder must have felt right at home. Morgan Creek Digital Co-Founder Anthony Pompliano was among the featured speakers, and he apparently hung out with the Kiss frontman at an afterparty in Los Angeles. According to Pompliano on Twitter, Simmons said:
“Bitcoin is volatile, but every time people think it’s dead, it goes up a little.”
Simmons may be famous for being a rocker but he’s much more than that. The Kiss bassist is also an entrepreneur and businessman. In fact, the Kiss brand has “generated $3 billion worth of ancillary revenue,” CNBC reported, but Uncle Sam takes a steep cut of that, so he’s wondering where it went. In 2012, the Israeli-American told Forbes he is a capitalist but at the time he had a problem with the state of “capitalism in America,” adding:
“I believe in supply and demand. I don’t believe the government should stick there noses into the rise and fall of the economy.”
It’s no wonder that Simmons has been drawn to the decentralized nature of bitcoin. Even before bitcoin, the band he co-founded touted the tenets of decentralization, saying:
“Everywhere around the world we try to tell people there are no borders, no prime ministers, no presidents; there’s only one nation, Kiss Nation. There’s only one rock and roll national anthem – “Rock N Roll All Night, Party Every Day.”
He’s behind his own soda line, MoneyBag Sodas, and he’s the face of Canadian medical marijuana company Invictus MD Strategies.
Gene Simmons is no stranger to bitcoin. Back in 2017, he spotted the uncorrelated nature of bitcoin with other asset classes and reportedly expressed an interest in it as “a piece of the [investment] puzzle.” Since that time, bitcoin has generated returns upward of 400% while stocks have produced more modest returns in the double-digit percentage range.
Given Gene Simmons’ status as a multi-millionaire, he could spend his time and his money any way he wants. Yet he chooses to participate in the cryptocurrency revolution. During the last bull run, he told TheStreet that he’d be interested in collaborating about a KISS Coin. Well, the chips are up for bitcoin again, and now’s a good a time as any, Gene.
Last modified: January 10, 2020 3:31 PM UTC