Jake Paul could be in trouble after the crypto crash
Jake Paul is apparently "poor" after he invested his money in cryptocurrency, according to his brother Logan.
In recent days, the crypto market has crashed, with the biggest currency Bitcoin falling by 25 percent in the last week and currently trading at its lowest value for 18 months.
This is after the currency had peaked at a high of almost $70,000 in November.
It is thought that because of the wider economic climate, investors are less keen to buy crypto and traders are selling up, the
BBC reports.
This week, the largest global crypto exchange platform paused all Bitcoin withdrawals for a few hours, with crypto lender Celsius doing the same because of "extreme market conditions."
And the
Coinbase exchange has announced it is laying off 18 percent of its staff because of what it is calling the "crypto winter."
It seems like Jake Paul may have found himself caught up in the crash as well, if his brother is to be believed.
Speaking on a recent episode of his podcast, Logan used finger quotes when talking about his brother's "boxing career". When it was suggested to him that Jake had had a successful career and made over $40m, Logan laughed and said: "It doesn't matter, he put it all in crypto! He's poor!"
https://www.youtube.com/watch?v=qsyfkryBigg&t=173s
If this is true, Logan wouldn't be the first YouTuber to be burned by the volatile world of cryptocurrency. Earlier this year, KSI
found himself on the wrong end of a crypto crash after investing "2.8 million" in the cryptocurrency LUNA, which then lost 97 percent of its value in just 24 hours.
Paul recently tweeted about the state of the economical climate in the US, blaming president Joe Biden for not doing anything about gas, inflation, and crypto prices.
https://twitter.com/jakepaul/status/1535788374048575489?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1535788374048575489%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.ebaumsworld.com%2Fvideos%2Fjake-paul-broke-after-putting-all-his-money-into-crypto%2F87191053%2F
But the world of cryptocurrency is unregulated and is not under the control of any political administration in the world, so this really isn't something any politician can be blamed for.
One of the main selling points of crypto is that it is not controlled by any government. If Jake is angry about losing his money, he only has one person to blame - himself.
Related links:
