YouTuber KSI has said that “bitcoin is the future” and that the digital currency is a “long haul thing”.
The rapper and video maker, whose real name is Olajide “JJ” Olatunji, made the comments in an interview with GQ.
When asked about what, hypothetically, he would do if he was Prime Minister, KSI replied: “I’d give everyone £100 worth of Bitcoin – like a Bitcoin stimulus package for all. I’m really into crypto. I think Bitcoin is the future. It’s definitely going to be long term, but in ten years’ time, people who invested will be laughing.”
He went on: “Just look at how money is inflationary, compared to Bitcoin, which isn’t. There’s a set amount – you can’t increase the amount of Bitcoin and that has value. I feel like a lot of people are not really seeing that: they’re trying to look for quick money like, ‘Oh, I want to get in and out.’ This is a long-haul thing and I’m here for the journey.”
This year, the rapper said that he made £7 million in cryptocurrency investment but ‘lost it all’ because of Bitcoin crash.
KSI put £2 million into the cryptocurrency in November and December in 2020. “It’s been a full journey, but I had to experience it. I fully understand it now”, he said. “I put money in things where I essentially leveraged myself and I kinda over leveraged myself to a point where I lost money because of it.”
Since then, bitcoin has crashed numerous times. In February, the price of the digital coin fell by over 20 per cent in over 24 hours – as did other cryptocurrencies including Ethereum (ether), Ripple (XRP), litecoin, bitcoin cash and dogecoin – with more than $400 billion wiped from the combined market.
The market crashed again in May after China announced a crackdown on payments, dropping the price to below $40,000, and again in June
The National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China – claimed in a joint statement that cryptocurrencies are “not supported by real value”.
Despite losses, KSI said that investing in cryptocurrencies is not “gambling” and that he is “still fully crypto” – although that opinion may not be shared by those who do not have access to his estimated $15 million net worth.
Michael Foote, CEO of insurance comparison website Quote Goat, lost £500 in 24 hours in December 2017. “For the average person like me, bitcoin is always a gamble”, he told The Independent. “But people are treating it like a punt.
Echoing advice later given by the Bank of England, Foote continued: “I’m very heavily against encouraging anyone to invest unless they are happy to lose it all.”