The social media star and former kickboxer has had his fair share of controversy, and he is making waves again by pledging to give up fiat currency and invest more than $100 million in bitcoins.

Tate is currently facing serious charges of rape and human trafficking in Romania, and the government there has sized luxury cars and 21 Bitcoins from his assets. Tate says his decision to move over to Bitcoin has been prompted by the “scams” of the current banking system.

The controversial Tate said he has become disillusioned with traditional banking and is now completely done with the current banking system. His statements, posted on social media, are coming right when Bitcoin is starting to go bullish.

Bitcoin gained 7% in less than 24 hours, prompting analysts to predict major price milestones for the coin in the coming months. The cryptocurrency token made its largest gain in two months on Wednesday, and it could go much higher in the next few days.

Will Tate’s Decision Affect Bitcoin?

It is difficult to say whether Andrew Tate’s posts and support for Bitcoin are having an impact on the coin right now. The major factor behind Bitcoin’s bullish trend right now is the inflation news from the Consumer Price Index report. This showed that inflation could be slowing down, and that could give the Federal Reserve an opportunity to cut interest rates, as they have been wanting to do for months.

Tate does have a large social media presence and a lot of influence online, with more than 8.5 million followers on X. In 2023, he was the third most searched for person on Google.

His posts do have a lot of reach, and he has incredible influence over his mostly male audience, many of which take his training courses and watch his instructional videos. We will have to wait and see if he is a major mover for cryptocurrency the way Elon Musk is, though.