At a time in which bitcoin’s price falls to a 6-week low , and JP Morgan’s Jamie Dimon labels the cryptocurrency a “fraud” and adds that he would fire any employee trading it, rocker and 70s band Kiss co-founder and front-man Gene Simmons stated that he is a fan of bitcoin, and finds it an interesting investment.
Simmons’ interest was revealed in a recent interview with TheStreet, in which he notably stated:
“I am interested in Bitcoin, but only as a piece of the [investment] puzzle”
Simmons clarified that he is interested in bitcoin likes to be diversified with his investments. Further into the interview, the rocker added that if someone goes to Las Vegas and goes all-in on 35-black, then that person has an “insane idea,” as smart investors, according to Gene Simmons, want to “be diverse and spread the risk.” Later on, he added “Coins? Great. Real Estate? Great.”
The 70s band co-founder was then asked if he would ever attach his name to a cryptocurrency, hinting at other celebrity endorsements like that of boxing champion Floyd Mayweather and hotel heiress Paris Hilton.
“Kiss coins? Sure, you can talk me into it.”
The rocker’s advice comes at a time in which bitcoin’s price keeps falling amid a frenzied market sell-off, as major Chinese exchanges have announced they will halt their trading operations following regulatory scrutiny.
Shanghai-based BTCChina, the world’s oldest bitcoin exchange, announced it would stop all trading on September 30, adding that other companies like BTCC DAX, BTCC Mobi, and BTCC USD Exchange are separate companies that weren’t affected by the People’s Bank of China’s (PBoC) crackdown.
Recently, as reported by CCN.com, ViaBTC became the second platform to shut down operations in China, as it announced it was to halt “registration, asset deposits and all trading pairs” on September 25. The website will eventually be closed on September 30.
Jamie Dimon’s words, followed by China’s crackdown, led bitcoin’s price to a 6-week low of $2,970 in a small amount of time. Chinese media service Caixin also recently published a new report that states Huobi and OKCoin will shutter their platforms in October. The extra month seems to have been enough for bitcoin to jump to $3,485.11 at press time, according to data from CoinMarketCap.
Those who decide to follow Gene Simmons’ advice, are surely not going to feel bitcoin’s volatility as hard as investors who only have the cryptocurrency in their portfolio.
Last modified: May 21, 2020 9:14 AM UTC