Controversial influencer Andrew Tate announced on the Rob Moore podcast that he has no plans to launch a cryptocurrency.
What Happened: Tate in a video podcast on Saturday said, “No, I’m never going to launch a crypto. ..Crypto is the only scenario I can think of where you can make a whole bunch of money while benefiting society zero.”
The former kickboxer, who is currently facing legal charges of human trafficking, rape, and forming a criminal gang to sexually exploit women went on to discuss the pitfalls of earning through crypto.
“If you make a bunch of money on a crypto pump, you have learned nothing and benefited nobody. It is the lazy person’s dream to buy a coin, it blow up, then be rich, with no work, no net benefit to the universe…”
He likened the act of trading in cryptocurrencies akin to gambling. “For every person who wins, someone else must lose. If you buy a coin for $1 and sell it for $10, someone bought it at $10. If it then goes down, the person who bought it at $10 loses money.”
Tate, who claims to have made $60-70 million through crypto investments, said that cryptocurrency should not define a person’s identity. “What kind of loser are you to make some money from internet digital money and then make it your profile picture and change your display name?”
He said, “People were trying to get me to invest in NFTs. And I said no, I’m morally against it…I will never launch crypto ever for that reason, because I don’t want to make these dorks richer… I don’t need to launch anything else.”
The social media influencer also took a jab at Crypto Twitter. “I like to prod [crypto Twitter]… It’s funny. None of them have my life. None of them have my money. None of them ever will.”
Crypto Twitter refers to the community on the social media platform Twitter (now X) that frequently discusses topics related to cryptocurrencies
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Why It Matters: Tate is currently facing legal challenges after his arrest last year in the outskirts of Bucharest, in an operation involving his brother Tristan and two Romanian women. They were officially charged by Romanian prosecutors in June 2023.
Tate has insisted that the case against him lacks evidence and believes he is the target of a political plot aimed at silencing him. His history includes various bans from major social media platforms due to his alleged misogynistic speech and instances of hate speech.
Romanian officials confiscated numerous luxury assets belonging to Tate, including cars, watches, and cash in multiple currencies, as well as 21 Bitcoins BTC/USD. The anti-organized crime agency of Romania indicated these assets might finance investigations and potentially provide compensation for victims, depending on the outcome of proving whether the assets were procured through criminal activities.
Price Action: At the time of writing, BTC was trading at $51,521 per token, up 0.46% in the last 24 hours, according to data from Benzinga Pro.
Image source – Shutterstock
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