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Gene Simmons’ Investment in Cardano ($ADA) Is Up Over 133% So Far

Gene Simmons’ Investment in Cardano ($ADA) Is Up Over 133% So Far


The $300,000 investment into Cardano (ADA) that Gene Simmons, the iconic bass player of the popular rock bank Kiss, made back in February, has reportedly more than doubled in value.

Simmons revealed during an interview on the Altcoin Daily YouTube channel, as reported by CoinDesk, he holds 14 cryptocurrencies in total. During the interview, Simmons had some criticism for the network, saying:

I like Cardano, although it’s an idiot name. Get rid of that thing. Just call it ADA. Call it by the trading name.

Simmons also said he still owns bitcoin, ether, litecoin, and other cryptoassets. On a percentage basis, he revealed, BTC and ETH are the top two cryptoassets in his portfolio. The rocker noted that he bought BTC when the cryptocurrency was trading around $10,000. According to CryptoCompare data, BTC is hovering around the $57,000 mark at the time of writing.

Cardano’s ADA has seen its price surge over the last few months over the Alonzo hard fork rollout, which introduced smart contracts to the network. In the last 12 months, ADA is up over 1,800%. Since Gene Simmons invested, it has more than doubled.

ADA Market Cap Chart via TradingView

He added all his cryptoassets “have done very well,” and revealed he bought 0.2% of the supply of two cryptocurrencies that have the potential to go up 1’-fold over time. Simmons declined to name these cryptocurrencies as he wants the price increase rise “to be natural” and wants to avoid short-sellers affecting them.




Addressing Cardano founder Charles Hoskinson, he said he is a “medium fan” of the developer, noting people “live and die by the people who steer the company.” Hoskin, it’s worth noting, responded to Simmons’ initial announcement of his ADA investment inviting him to a private conversation in case he needed any support.

In the interview, Simmons also revealed he sold his position in DOGE after Tesla CEO Elon Musk tweeted about it. As CryptoGlobe reported, search interest for the meme-inspired cryptocurrency exploded ahead of its 10,000% rally.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Featured image via Unsplash



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