‘The Demon’ Gene Simmons is All In on Bitcoin

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‘The Demon’ Gene Simmons is All In on Bitcoin

The rock star Gene Simmons is keen on bitcoin as he believes its dollar value would soon reach $60,000.

Gene Simmons – the bassist and co-lead singer of the iconic rock band KISS – revealed he is a huge supporter of cryptocurrencies, especially bitcoin. He has invested a few million in the asset at the beginning of the COVID-19 pandemic and is now a HODLer.

The Demon Loved The Ride to $65,000

During an interview for CNBC, one of KISS’ co-founders said he joined the crypto craze at the beginning of the coronavirus pandemic after an educational conversation with Gemini’s CEO – Tyler Winklevoss. At the time, he allocated a few million into bitcoin after the discussion when its price was trading at around $10,000.

KISS’ bassist, who has significantly increased his portfolio after the initial cryptocurrency investment, said he enjoyed BTC’s rally to its all-time high price in the middle of April. He admitted that he is a hodler and that he would stay in the market for the long run:

“I loved the ride to $65,000 and I am what’s called a HODLer. I believe in the long run.”

The Demon – as Simmons is known among his fans – forecasted that the primary cryptocurrency would continue its price appreciation. By the beginning of 2022, it would trade between $55,000 and $60,000, he predicted. The rock legend even revealed he would allocate more money into it:

“I’m all in, I’m putting more in.”

The 71-year-old musician outlined his support not only to BTC but also to ETH, informing that he bought coins when the price of a single unit was worth $900.

“I believe in Ethereum, I went in at about $900, now it’s more than $3,000.”

Gene Simmons

Gene Simmons, Source: BBC

Simmons Accepts Crypto for His Art Collection

The rock legend noted that spending too much time at home during the pandemic was beneficial for him as he devoted himself to his passion for drawing. Over the last 50 years, Simmons created many paintings, which now he would offer for sale at the Venetian Animazing Galley between October 14th and 16th this year.

After revealing that he is a keen supporter of digital assets, it is no surprise that the musician would accept them as a payment instrument for his art collection.

Not His First Cryptocurrency Investment

It is worth noting that at the beginning of 2021, the rock star also bought Cardano (ADA) worth $300,000, presuming 2021 would be “the most productive year” for the altcoin. He pointed out that the main reason why he put his trust into the virtual asset is because of Charles Hoskinson – Cardano’s creator.

Simmons also ensured that the public should not take him as a financial analyst, but still, he believes in his investment and its further price increase:

“(I am) simply letting U know what I am doing and what I believe in. Why? Because I believe it’s going up… and it’s always up to you to research & decide.”