Bitcoin (BTC) recorded its worst downfall since the FTX exchange debacle in 2022. The asset dipped by more than 16% over 24 hours, causing havoc across the market.
Several assets followed suit, but the world’s largest cryptocurrency caused immense damage to its holders’ wallets. According to new data from IntoTheBlock, Bitcoin holders endured a significant profit drop. The percentage of BTC holders in profit dipped down to 75%.
Unlike other assets in the market, the Bitcoin ecosystem is home to several famous personalities. Social media influencer Andrew Tate is among the many celebrities who own Bitcoin.
Andrew Tate’s BTC Investment and Its Current Status
Tate’s Decision to Invest in BTC
Recently, infuriated by the fiat currencies, Tate decided to pour his money into BTC. The former kickboxer did not keep it low; he went all in with $100 million.
He previously tweeted:
“I know I’m not supposed to do this in chaotic times but I’m about to leave fiat completely and ape over 100M into Bitcoin. And I’ll even prove I did it. I’m done with the banks. I’m done with their money. Done with the scams. Then I’m going boating.”
Tate even claimed that he holds more cryptocurrency than fiat. He even expressed his desire to leave Fiat out of the picture altogether. While it is uncertain if the influencer holds other assets apart from Bitcoin, he was also seen supporting Ethereum.
Also Read: Andrew Tate’s Ethereum Prediction Closer to Reality?
Analyzing Tate’s Bitcoin Investment
When Tate purchased Bitcoin on May 15, the asset’s price was around $66,000. But earlier this week, the king coin dropped to a low of $50,000.
Also Read: Andrew Tate Says He’s Leaving Fiat, Investing $100M Into Bitcoin
Estimated Losses
Andrew Tate might have lost up to $23 million on his investment if he had purchased $100 million worth of Bitcoin in May.