Jake Paul Is 'Broke' After Putting All Of His Money In Cryptocurrency
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Jake Paul is 'broke' after putting all of his money in cryptocurrency, according to his older brother.
In case you missed the news, the crypto market has taken a huge hit in recent months, with Bitcoin crashing towards $20,000 this week, according to Forbes, the lowest it's been since December 2020.
As the leading token on the market, Bitcoin's plummeting price has dragged other digital currencies with it, further deepening the crypto crash.
And it looks like Jake has joined the many people who've suffered major losses, as revealed by his brother during a recent episode of his Impaulsive podcast.
The conversation came about after Logan uses air quotes when referring to Jake's 'boxing career'.
Co-hosts George Janko and Mike Majlak jump in to defend the young vlogger, pointing out his success in the sport and impressive salaries for each fight.
"It's going pretty well, he's won every fight he's done," says George, before Mike says: "He made like $40 million last year."
But not one to be trumped by his baby brother, Logan interjects to say: "It doesn't matter, he put it all in crypto... he's poor."
It appears Logan's likely exaggerating Jake's financial situation right now - after all, he made it to the top ten highest paid athletes under 25, and he rakes it in from various other projects too including his YouTube channel, which has 20.4 million subscribers.
But as someone who's been pretty outspoken about his investment into crypto, there's no doubt he's lost a fair chunk in the ongoing crash.
In a recent Twitter rant, he placed the blame on President Joe Biden, writing: "Biden accomplishments. Number one, highest gas prices. Number two, worst inflation. Number three, plummeting crypto prices. Number four, highest rent prices ever. Number five, created new incomprehensible language.
"If you’re reading this and voted for Biden and you still don’t regret it then you are the American problem."
Safe to say it didn't take long for the online community to clap back, with Jake's tweet receiving over 8,000 comments since it was posted over the weekend.
Biden accomplishments— Jake Paul (@jakepaul) June 12, 2022
1. Highest gas prices
2. Worst inflation
3. Plummeting crypto prices
4. Highest rent prices ever
5. Created new incomprehensible language
If you’re reading this and voted for Biden and you still don’t regret it then you are the American problem.
"My man blames Biden for crypto you know… when he’s one of the main dudes pumping and dumping," wrote one Twitter user.
Another said: "Are you… blaming Biden for crypto? The thing that is advertised as uncontrollable by the government?"
While a third added: "If you don’t understand how literally anything works, just say that."