Gene Simmons, the famous Kiss bassist, talked about cryptocurrency on Twitter. This time, he said he bought $300,000 worth of Cardano (ADA).
Kiss Bassist: Reasons ADA is cheaper than Bitcoin
Simmons explained the reasons behind the decision that ADA is cheaper than other coins.
The musician wrote, “It’s pennies compared to my other holdings like Bitcoin, which is over $50,000 a single coin. I believe everyone should be able to afford cryptocurrency. And here is one I believe in.”
But there is a problem here. It is possible to buy fragments of cryptocurrencies. Although 1 bitcoin is worth $52,800, anyone can buy 0.0001 bitcoin for just $5. This means that high prices are not a barrier to entry for coins.
The best way to compare coins is to look at their respective market value, which takes into account what each coin is on offer. Take Cardano as an example: The circulation is 31 billion coins, Bitcoin 18.6 million. That’s why the price is so low.
In a response to a follower, Simmons also pointed out that Cardano was founded by Ethereum co-founder Charles Hoskinson. He firmly believes that 2021 will be “the most productive year in Cardano history. Year”.
Hoskinson was quick to respond to these statements, saying that he welcomed Simmons to the Cardano family. Hoskinson added, “If you need any help, please let me know.”
ADA Chart. Source: CoinMarketCap.com
Cardano is currently the sixth largest cryptocurrency by market capitalization. The price has risen in the past few weeks and is undergoing a scheduled Mary Hard Fork on March 1st. Described as “one of the most important events since the Cardano blockchain emerged. Shelley launched” last year, the upgrade will allow users to create tokens on the platform.
Gene Simmons positive tweet on cryptocurrency
Simmon’s cryptocurrency business started in 2017 when Bitcoin rose to $20,000, but during the “crypto winter” of 2018 and 2019, the start of rock music wasn’t as popular.
Three years later, in September 2020, Simmons endorsed Cameron Winklevoss’ message in which the co-founder of the twin exchanges encouraged people to use bank accounts to buy Bitcoin and Ether Fang and other cryptocurrencies.
Earlier this month, days after the price of Dogecoin and XRP suddenly skyrocketed, the musician announced that he had invested in these two cryptocurrencies.
Some commentators accused Simmons of getting paid to promote altcoins like Cardano, but Keith’s foreplay insisted that his tweets weren’t investment advice.
he said: “I’m not here to give you investment advice. Do your own research, I keep telling you guys. Additionally, you don’t know me. So the idea of being friends with you, is not foremost in my mind.”