How youtuber made millions from bitcoin and then lost it all – Famed rapper and popular Youtuber KSI shared his experience investing in bitcoin on the Private Parts podcast, published Thursday.
KSI, whose real name is Olajide Olayinka Williams Olatunji, is also known as JJ. In 2019, he was ranked second by The Sunday Times in its list of the top 100 U.K. influencers. He is also part of the British Youtube group known as the Sidemen. The British influencer recently became a vocal fan of cryptocurrency.
He was asked about a rumor of him putting “a lot” of money into bitcoin. KSI then revealed that he invested £2 million ($2.75 million) in BTC around November or December last year but later lost money when the bitcoin market crashed. He said:
Yeah, I put £2 million into bitcoin. Well, I said bitcoin … [But] This was in cryptocurrencies. I made £7 million, and now I’ve lost it all.
“I got lucky with the £7 million, but I should have been smart and taken that money out into fiat and then just wait for everything to drop and go back into it again,” he opined, admitting that he got carried away with the bull market.
KSI added: “It’s been a full journey, but I had to experience it. I had to really delve into the whole crypto space, and you know, I fully understand that now. I put money in things where I essentially leveraged myself and I kind of over-leveraged myself to a point where I lost money, because I got liquidated, so I put a lot of money into something I got liquidated because of the bitcoin crash.”
Commenting on losing millions of dollars investing in cryptocurrencies, the Youtube star said, “I was like, ok, well big whoop,” elaborating:
It is what it is. I’ll move on. There’s no point crying over spilt milk, and I realized that during the bear market is when you want to invest in things.
He was also asked whether investing in bitcoin was like gambling. He replied: “No, I don’t think it is. I don’t think it is gambling. It’s not gambling. No, no, no, no. Bitcoin is here to stay. It is the future. It’s just that no one wants to accept it … Same with Ethereum. Yes, of course, it all fluctuates, but it’s going up.”
If you stand back and look at the whole picture, it’s slowly going up and eventually you’re going to get a $100,000 bitcoin, a $500,000 bitcoin, and a $1 million bitcoin. It’s going to happen.
The famed rapper further opined: “Maybe it might take 5, 10, 15, 20 years, but it’s going to happen, you’ve got to remember, bitcoin doesn’t have inflation … That’s what’s so great about it, it’s not controlled by a centralized bank.”
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.