After Kanye West and PewDiePie renowned Rapper Logic endorses Bitcoin

By November 8, 2020Bitcoin Business
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Bitcoin has gained a lot of attention lately after the massive rally that pushed it past the $15,000 mark and shocked many. The asset has been eyed by many international celebrities and it looks like famous rapper Sir Robert Bryson Hall II, popularly known as Logic, is the latest to endorse Bitcoin, with the announcement coming right after Bitcoin made a massive move and was trending on Twitter.

With a tweet on November 7, the now-retired rapper and content creator whose records have topped the charts on many occasions noted that his manager Chris Zarou had convinced him to buy Bitcoin.

While details about the investment have not been revealed, Logic mentioned in his tweet that it was “a big investment in #bitcoin.”

Logic has over 2.3 million followers on Twitter, and the community seemed excited about the rapper’s entry into the world of cryptocurrencies. On the other hand, some were concerned about his time of entry because of the $1500 move the day before and a steep correction could change the rapper’s mind.

However, this is quite unlikely because Logic’s manager Zarou seems to be an advocate of Bitcoin as he had tweeted just days before that he is “irresponsibly long” on Bitcoin.

The term irresponsibly long has been phrased by hedge fund manager and Bitcoin bull Raoul Pal, who believes Bitcoin could hit $1,000,000 in this market cycle as a result of institutional interest.

Logic isn’t the only artist who’s betting on Bitcoin as he’s backed by the Grammy Winner and presidential candidate Kanye West, who went live on the popular Joe Rogan Podcast last month and praised Bitcoin.

Meanwhile, YouTube sensation PewDiePie showcased non-fungible tokens (NFTs) and cryptocurrencies to his 107 million subscribers earlier this month, as he was promoting a Pokemon-style game called Wallem, where he is also selling his in-game “PewDiePie skin” as an NFT.

Bitcoin rally not fueled by Retail investors

Despite multiple celebrities endorsing cryptocurrencies like Bitcoin, data from Google Trends reveal that the interest in the term “Bitcoin” and other related searches were still at multi-year lows.

This could be a hint that the current rally is being fuelled by institutional players like Grayscale and other fund managers based on the numbers reported by these institutions.

Mobile payment service provider Square’s Cash App also saw a significant jump in its third-quarter revenue, courtesy of Bitcoin. Based on its financial report to the US Securities and Exchange Commission, Bitcoin became the biggest source of revenue for Cash App.

All things considered, Logic and other celebrities entering the Bitcoin market is still good news for the industry as a whole when it comes to popularising this fairly new asset class.

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