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Featured Image Credit: Jake Paul/Instagram. Marc Bruxelle / Alamy.
Jake Paul claimed last year that Bitcoin was ‘the best investment of his life’.
Well, look how that has turned out.
Back in April 2021, the YouTuber-turned-boxer sat down with one of the biggest crypto YouTube channels, BitBoy Crypto, to chat about his investments.
Paul explained: “I invested in Bitcoin when it was $100 when I was 16 years old and it was the craziest, best investment of my life.
“Ever since that moment I’ve sort of been involved in crypto and still investing to this day, buying Bitcoin, buying Ethereum.”
Paul was like loads of people who managed to jump in on the digital currency before it went absolutely gangbusters.
Jake Paul certainly seems like the type of guy to claim he invested into Bitcoin when it was $100 to just seem like he got in early.
As for the ‘best investment’ part, that hasn’t turned out too great considering the market has crashed significantly since April.
The price of Bitcoin dropped below $20,000 (AU$27,400) over the weekend, which shouldn’t be a problem for Paul if he invested when it was $100.
However, his older brother Logan revealed Jake has suffered major losses during an episode of his Impaulsive podcast.
The conversation came about after Logan used air quotes when referring to Jake's 'boxing career'.
Co-hosts George Janko and Mike Majlak jumped 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," said George, before Mike said: "He made like $40 million last year."
Of course, we hope for Jake and every other crypto investor that the market recovers and once again makes for a great investment in the future.
However, Jake probably isn’t in that bad of a position regardless.
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.
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.
His flow of cash still didn’t stop him from blaming the crypto crash on current US President Joe Biden, which many commentators called out as yet another rubbish statement.
One Twitter user wrote: “My man blames Biden for crypto you know… when he’s one of the main dudes pumping and dumping.
Another said: "Are you… blaming Biden for crypto? The thing that is advertised as uncontrollable by the government?"