⚡ Easily Trade – Apple, Microsoft, Tesla and Google Stocks – Open a FREE Account Here

      

Andrew Tate Is Trading in Fiat Currency for $100 million in Bitcoin

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.

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewCySEC, MISA, FSCAUSD 5Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker >>

 

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.

 

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
Related Articles