Gene Simmonsbassist and co-founder of Kiss, declares unconditional love for cryptocurrencies and doesn’t say he’s anxious in any respect in regards to the profound disaster that the market is experiencing. The musician claims to personal 14 digital belongings, from Cardano to Bitcoin, and has no intention of promoting. For the rockstar The market will get better, and within the meantime he places up an actual property property, accepting funds in cryptocurrencies. Will or not it’s the best time to purchase it?
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Kiss’s Gene Simmons invests in Bitcoin and different crypto
THE Kiss they have been, and of their intermittent releases proceed to be even at present, a phenomenon of costume even earlier than a rock band with crystal clear musical expertise. And simply on the side that Simmons and companions have staked the whole lot: past the inventive worth with a repertoire starting from pop to steel, the band has made a fortune due to the thriller of faces which have remained hidden a really heavy trick for a very long time.
It was the yr 1983 when the musicians first confirmed their faces actual to the cameras of MTVafter 13 years of exercise. By the way, simply when public curiosity and gross sales have been beginning to falter.
39 years later, the bass participant Gene Simmons he comes out a second time and declares himself to be the blissful proprietor of ben 14 cryptocurrencies, coincidentally, within the darkest second for the markets. These embody Bitcoin And Cardano: the primary as a result of it represents some extent of reference, the opposite just because it’s low cost, in response to the musician’s statements.
The bassist of Kiss assume that the cryptocurrencies they’re enticing as a result of they’re protected against inflationary phenomena typical of fiat currencies, attributable to new points made in an all too arbitrary manner by central authorities. Gene Simmons proves to be an all-round liberal crypto, whereas investing in Ethereum, Litecoin and different digital belongings.
Music and crypto: an ever nearer bond
Rock and cryptocurrencies they sound good collectively, with us at Cryptocurrency.it that we develop into blissful spectators after we let you know about Jamiroquai opening a $ LAND in The Sandbox to contain his followers much more carefully. There are lots of examples of worldwide musicians who’ve determined to use NFT And blockchain to supply fans new and extra immersive methods of utilizing their artwork.
Simmons for its half it could not appear keen to discover the metaverseapparently his is a pure and easy funding: the cryptocurrencies would have been bought to diversify belongings estimated at 350 million {dollars}.
And talking of investments, we all know that in February the bassist had put his home up on the market in Las Vegas, leaving consumers free to pay in cryptocurrencies, for the modest sum of $ 13.5 million. Given the present market circumstances, will you withdraw the supply?
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Kiss bassist Gene Simmons tweeted in February that he had bought $300,000 of the Cardano blockchain’s ADA currency, writing it was “one I believe in.”
The conviction has paid off for the rocker, with ADA’s price more than doubling since then. Based on back-of-the-envelope math, the token hoard would be worth more than $700,000 now.
ADA is one of 14 cryptocurrencies Simmons owns, he said Sunday in an interview on the Altcoin Daily YouTube channel.
“I like [c]ardano, although it’s an idiot name,” Simmons said. “Get rid of that thing. Just call it ADA. Call it by the trading name.”
Through a spokeswoman, Simmons, 72, declined to comment when contacted by CoinDesk.
In the YouTube interview, Simmons said he also owns bitcoin, ether (the native cryptocurrency of the Ethereum blockchain) and litecoin, among others.
He said he bought bitcoin when the price was around $10,000. Lately it’s trading just above $57,000.
“All my cryptos have done very well,” Simmons said.
Simmons goes crypto
The musician once known by his stage persona “The Demon” said he bought 0.2% of two cryptocurrencies that he thinks will go up tenfold. He declined to name them because if he did the prices would probably pump and “you’re going to have short-sellers.”
“I want the rise to be natural,” Simmons said.
He said he’s a “medium fan” of Charles Hoskinson, the lead developer of the Cardano blockchain.
“You live and die by the people who steer the company,” Simmons said.
Read more: Kiss’ Gene Simmons Buys $300,000 Worth of Cardano
He said BTC and ETH are the two biggest cryptocurrencies in his portfolio on a percentage basis.
And while he sold dogecoin (DOGE) earlier this year after Tesla CEO Elon Musk tweeted about it, he said he plans to hold his remaining cryptocurrencies for at least a decade.
“Do your own research,” Simmons said. “In the interest of full disclosure, nothing I’m saying means anything. Please ignore me. I’m not giving anybody advice.”
The iconic bass player of rock band Kiss and recent recruit to Elon Musk’s “Dogecoin army,” Gene Simmons, has announced a six-figure investment into Cardano (ADA).
On Feb. 19, Simmons revealed on Twitter that he’d bought $300,000 worth of ADA. While emphasizing that he is not a financial analyst — a helpful disclaimer — the rock star said he wanted to share projects he believes in and was definitely not suggesting anyone else should buy ADA:
I just bought $300,000 of CARDANO (ADA). I’m not a Financial Analyst and I’m not telling U to buy or not to buy. Simply letting U know what I am doing and what I believe in. Why? Because I believe it’s going up..and it’s always up to you to research & decide. pic.twitter.com/UiIqowJ4pY
— Gene Simmons (@genesimmons) February 19, 2021
Cardano founder and Ethereum co-founder, Charles Hoskinson, welcomed Simmons to the ADA community and invited him to reach out via private message if he needed any support.
Simmons engaged with some of his followers, providing advice on where they can purchase the token, and commending them for making Cardano’s price “go up”:
Wow!..You guys are already making Cardano (ADA) go up. Impressive.
— Gene Simmons (@genesimmons) February 19, 2021
After professing his support for Bitcoin toward the peak of its 2017 bull rally, Gene Simmons drifted off the crypto radar, but returned with a vengeance at the start of this month after claiming to have made investments in Dogecoin.
Over the past week, he’s also revealed a spate of investments including buying Bitcoin (BTC) seven months ago, $300,000 worth of Ether (ETH) when it was trading for $300, and $300,000 worth of Binance Coin (BNB).
Some in the crypto community appear skeptical of Simmons’ newfound passion for Cardano given his high profile coin-shilling, with one Twitter-user replying: “What happened to DOGE coin? wasn’t that your favorite coin some days ago?”
Twitter user Ryno took exception to Simmons’ recent characterization of ADA as more affordable than Bitcoin for ordinary people, posting: “Say no to shitcoins Gene.“
“Gene is fine, he can gamble. Most of y’all are poor and should be in #Bitcoin, but see 50k as unaffordable,” the Twitter user added.
Kiss’ Gene Simmons Buys $300,000 Worth of Cardano Coindesk
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In February, Kiss frontman Gene Simmons tweeted that he had bought $300,000 worth of Cardano (CCC:ADA-USD). A week ago, a Coindesk article estimated that his position would now be worth more than $700,000. That’s a gain of more than 130% in less than eight months.
Source: Shutterstock
Simmons has become a hardcore crypto trader, with positions in 14 digital currencies, according to a recent interview. He’s apparently in it for the long haul, saying he plans to stay in these positions, including Cardano, for at least 10 years. But is this wise?
Cardano is one of the largest cryptocurrencies in the world. In August, it surpassed Binance Coin (CCC:BNB-USD) to become the third most valuable crypto. It recently fell back into fourth place, as BNB has outperformed ADA. However, on a fully diluted basis, Cardano is still solidly in third place.
Plutus dAppStore Strengthens the Bull Case for Cardano
I’ve long been excited by Cardano’s potential utility. In my most recent article about the cryptocurrency on Sept. 27, I marveled at Input Output Hong Kong’s (IOHK) announcement that it would launch the Plutus dAppStore so that people like you or me could more easily find dApps we might be interested in exploring.
Brilliant.
“Without things like the Plutus dAppStore, Cardano and every other blockchain platform will remain hidden from most of the population, thereby severely eroding their value to society,” I wrote in September. “You might not like it, but at some point, Cardano and everyone else hoping to make a name in blockchain has got to come out from the woods and face real scrutiny.”
Clearly, Gene Simmons understands what Cardano brings to the table.
However, as DailyCoin points out, Cardano still needs to add three features to the Cardano Network — Plutus Application Backend, dApp connector and ERC-20 converter — before it can deliver full dApp functionality.
So, the expected spark that the Alonzo upgrade was supposed to deliver for Cardano hasn’t materialized. Yet. Good things come to those who wait, including longtime rockstars.
Cardano Summit Highlights the Importance of Utility
In late September, the 2021 Cardano Summit took place, with speakers appearing online from several locations worldwide. Cardano founder Charles Hoskinson appeared with several others from a stage in Laramie, Wyo., of all places. If that doesn’t suggest the world is changing, I don’t know what does.
This blog post by Anthony Quinn does an excellent job summarizing what happened at the summit. What jumps out at me is Hoskinson’s quote about what needs to be done to deliver blockchain technologies to the mainstream: “How do we take these amazing innovations, born of academia and forged in industry, and bring them together and apply them to our industry in a way that scales down to an agile development team — not PhDs living in a lab with million-dollar budgets, but entrepreneurs, two, three people working together?”
Quinn states that the answer comes down to four things: “utility, governance, impact, and adoption.”
As I’ve said many times, utility drives this train.
Should Simmons Let Cardano Ride?
Simmons has said that his two biggest cryptocurrency positions, by percentage, are Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD). According to the Coindesk article I mentioned above, the rocker bought Bitcoin around $10,000. Currently, BTC is trading at $61,700, meaning Simmons has a gain of more than 500%. I’d take that return in a heartbeat. I’d take the 130% gain in Cardano too.
As Jim Cramer likes to say, “No one ever got hurt taking a profit.” Some investors lose sleep over foregone profits when they sell “too early.” Of course, the flip side of that coin is that you lose sleep because you sold too late.
If Simmons wants to let Cardano ride, I have a different piece of advice. Another one of Cramer’s cardinal rules is to stay diversified. I agree. However, owning 14 different cryptocurrencies seems a bit excessive. If I were Simmons, I might sell all of my cryptocurrencies except for Bitcoin, Ethereum and Cardano. A focused portfolio generally does better than one that’s too diversified.
On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Will Ashworth has written about investments full-time since 2008. Publications where he’s appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. He particularly enjoys creating model portfolios that stand the test of time. He lives in Halifax, Nova Scotia.
The $300,000 investment into Cardano (ADA) that Gene Simmons, the iconic bass player of the popular rock bank Kiss, made back in February, has reportedly more than doubled in value.
Simmons revealed during an interview on the Altcoin Daily YouTube channel, as reported by CoinDesk, he holds 14 cryptocurrencies in total. During the interview, Simmons had some criticism for the network, saying:
I like Cardano, although it’s an idiot name. Get rid of that thing. Just call it ADA. Call it by the trading name.
Simmons also said he still owns bitcoin, ether, litecoin, and other cryptoassets. On a percentage basis, he revealed, BTC and ETH are the top two cryptoassets in his portfolio. The rocker noted that he bought BTC when the cryptocurrency was trading around $10,000. According to CryptoCompare data, BTC is hovering around the $57,000 mark at the time of writing.
Cardano’s ADA has seen its price surge over the last few months over the Alonzo hard fork rollout, which introduced smart contracts to the network. In the last 12 months, ADA is up over 1,800%. Since Gene Simmons invested, it has more than doubled.
He added all his cryptoassets “have done very well,” and revealed he bought 0.2% of the supply of two cryptocurrencies that have the potential to go up 1’-fold over time. Simmons declined to name these cryptocurrencies as he wants the price increase rise “to be natural” and wants to avoid short-sellers affecting them.
Addressing Cardano founder Charles Hoskinson, he said he is a “medium fan” of the developer, noting people “live and die by the people who steer the company.” Hoskin, it’s worth noting, responded to Simmons’ initial announcement of his ADA investment inviting him to a private conversation in case he needed any support.
In the interview, Simmons also revealed he sold his position in DOGE after Tesla CEO Elon Musk tweeted about it. As CryptoGlobe reported, search interest for the meme-inspired cryptocurrency exploded ahead of its 10,000% rally.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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