Andrew Tate has announced that he plans to abandon fiat currency and invest in Bitcoin. In a post to X, Tate says he plans to invest over $100M in Bitcoin.
“I’m done with the banks. I’m done with their money. Done with the scams,” Tate says in his post. The US dollar has been widely criticized over the past year for losing value, in part due to growing inflation and interest rate hikes. Tate’s decision would be big, as he has a substantial net worth in USD.
Additionally, Tate mentioned in a follow-up post that he hasn’t finalized this decision yet because he has more cryptocurrency than fiat. However, he says that he might “leave fiat completely.”
After criticizing the concept, Andrew Tate has been a big proponent of cryptocurrency recently. In February, the millionaire proposed creating his own currency, and backing it with $100M of his own for his followers.
Furthermore, Andrew Tate’s current cryptocurrency wallet and his total Bitcoin holdings are unknown. However, he may earn considerable profit if he decides to invest more in Bitcoin. The leading cryptocurrency by market cap is currently up in price and has had a bullish 2024. BTC is expected to climb higher later this year as investing in the asset through Spot ETFs becomes more popular.
At press time, Bitcoin is up to $65,807.20.