When it comes to celebs embracing crypto, they usually disclose very little information – it almost feels as if it’s more of a marketing stunt for the crypto in question than anything else. Earlier this year Eminem mentioned Bitcoin on his new album Kamikaze. This time around, Soulja Boy is shouting out the world’s leading cryptocurrency. His new song called “Bitcoin” talks about his journey into the crypto world and he repeatedly raps about hodling Litecoin and Bitcoin – his favorite digital currencies.
Recently, Kim Kardashian got her hands on her first Bitcoin at a charity poker tournament, however she was given it as a gift. This highlights the claim that celebs are jumping into cryptos publicly as part of a marketing stunt to inflate the price.
Huge Crypto Claims
Soulja Boy claims to have invested $6,000 in Bitcoin and made a million off it in his lyrics. He isn’t very clear as to whether he invested in Bitcoin at $6,000 and bought a vast sum of Bitcoins, or simply invested $6,000 into the cryptocurrency. He also raps about the fact he woke up one morning, sold his Bitcoin and bought an Aston Martin. Now, if he bought one Bitcoin at $6,000 it’s simply impossible – even if he sold at the time of the December 2017 price. He would have netted $20,000 as a maximum for his Bitcoin sale in December. Soulja Boy lives in Los Angeles, and the price for a new Aston Martin in LA is around $150,000 – meaning that he would have needed a lot of BTC to buy that car.
Rapper by Day, Crypto Trader by Night
The rapper talks about his favorite methods to buy Bitcoin, and he frequently talks about buying BTC on his computer. He name drops Cash App and PayPal directly, but there is a good chance he also used one of the other various American crypto trading platforms. He goes on to say, “I made 100 racks off of Bitcoin (bit), You can catch me trapping with the Bitcoin (bit), You can catch me running up the Bitcoin (yeah), I spent 6,000 on the Bitcoin.” It certainly sounds like Soulja Boy might need the help of ZenLedger to calculate his crypto taxes.
The crypto markets certainly provide a great opportunity for people to make a quick buck, but if that’s your sole reason for investing in Bitcoin – or any other crypto for that matter – then it’s probably best you avoid it. Cryptos are complex financial instruments, and Soulja Boy makes it seem like it’s guaranteed to make you money. It’s fair to say that this is rather poor financial advice. Whatever you do, only invest what you can afford to lose and remember that Bitcoin isn’t a get rich quick scheme – even if Soulja Boy says so.
