It isn’t really that nice to hear about people that invested everything they own in cryptocurrency and NFTs and then lost it all, but it is sort of funny to hear about super rich celebrities who got caught up in the craze and have seen their assets massively diminish in the past year or so.
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One such celebrity is none other than the boy wonder Justin Bieber, who thought it would be a good investment to spunk out $1.3 million – or 500 Ethereum – on a unique NFT of a Bored Ape. I think at the time people questioned whether it was really worth paying that sort of money for what was essentially a cartoon of an ape, but Biebs was caught up in the whirlwind of it all and thought it was a great idea. However, following the recent collapse of crypto exchange FTX last week – and the realisation that most of the industry is probably just a massive scam – the NFT is now worth just $67,000. Ouch.
Of course, there’s the possibility that the NFT/crypto market might rally and the price goes up again massively, but right now it’s not looking good for Bieber. The fact is that he’s a multimillionaire though, so he probably isn’t too bothered about the fact he’s lost loads of money but more worried about looking like an absolute tool. He’s probably used to that by now though.
In case you’re wondering, Stephen Diehl, co-founder of the Center for Emerging Technology Policy and co-author of the new book Popping the Crypto Bubble, explains why the Crypto/NFT bubble seems to have burst so rapidly:
Crypto exchanges don’t trade regulated financial products like stocks or bonds; they trade unregulated financial assets, which are crypto tokens.
And these tokens are not subject to the same level of regulation as most other products in the market.
A lot of the problems that arose out of the recent catastrophe are due to the lack of regulation of these products.
FTX was one of the most credible entities in the entire crypto space. It exploded in 48 hours.
I’ve never seen a week like this in markets and I look at this stuff all the time.
Well that doesn’t sound too good for the future of Bieber’s little monkey does it? Who know when it comes to crypto though? It’s like the wild wild west out there. Yeehaw!
For more of the same, check out Madonna’s fully nude NFT with a NSFW model of her vagina.
