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Andrew Tate, former kickboxer and American entrepreneur, known online as “Top G”, has announced his intention to convert over 100 million dollars into Bitcoin (BTC), completely abandoning fiat currency.
This announcement coincides with a period of significant growth for Bitcoin, which has seen a 7% increase in the last 24 hours, surpassing the resistance level of $66,000.
Summary
Criticism of the Traditional Banking System
In a series of posts on social media “X”, previously known as Twitter, Tate expressed his disillusionment towards the traditional banking system, stating:
I know I’m not supposed to do this in chaotic times but I’m about to leave fiat completely and ape over 100M into btc.
— Andrew Tate (@Cobratate) May 15, 2024
And I’ll even prove I did it.
I’m done with the banks.
I’m done with their money.
Done with the scams.
Then I’m going boating.
Bitcoin on the rise
The recent increase in Bitcoin price has caught the attention of industry experts.
The co-founders of the on-chain analysis company – Glassnode have observed and stated that this breakout was long awaited. According to them, recent data on inflation in the United States, lower than expected, and weaker retail sales could lead the Federal Reserve to a more “dovish” monetary policy.
These factors have helped strengthen confidence in the cryptocurrency market.
The co-founders of Glassnode also predict that Bitcoin could reach $66,000, then $69,000, and finally reach $84,000.
Bitcoin and the Legal Challenges for Andrew Tate
Actually for Tate this is a really critical private moment, in fact the former kickboxer seems to be involved in serious legal proceedings in Romania.
The charges are very serious: human trafficking and rape.
The authorities, in this regard, have already seized various assets of Tate, including about 21 Bitcoins worth $560,000, along with luxury cars and real estate worth millions of dollars.
Despite his legal controversies, Tate still continues to have a sort of influence in the world of cryptocurrencies, remaining known especially for his provocative opinions and lavish lifestyle.