Jake Paul Made $46,000 From $100 After Investing In Bitcoin
Jake Paul has revealed that he made $46,000 from an investment in Bitcoin when he was a teenager.
The YouTuber said he bought $100 worth of the cryptocurrency when he was just 16, adding that he has made a fortune from it.
Admittedly, it's not as much as the millions he has made from his social media channels, or his foray into boxing, but it's not to be sniffed at.
In a post to Twitter, Paul also earmarked cryptocurrency Dogecoin, which he described as Bitcoin's 'younger brother', as one to watch.
The post read: "When I was 16 I invested my entire first Vine brand deal into when it was worth $100.
"After 8 years of holding, it's now worth $46,000. Doge is Bitcoin's younger brother... they have the same potential... it's still early."
When I was 16 I invested my entire first Vine brand deal into #Bitcoin when it was worth $100
After 8 years of holding
It's now worth $46,000#Doge is Bitcoin's younger brother... they have the same potential... it's still early..
- Jake Paul (@jakepaul) February 12, 2021
If you've been hearing a lot about Bitcoin, it's hardly surprising - the cryptocurrency has been skyrocketing in value of late, recently reaching an all time high.
Even Tesla boss Elon Musk has been getting in on the act, investing $1.5 billion in the digital moolah.
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If she had taken up the offer, she would now comfortably be a billionaire. Ouch. Bet that stings.
She posted about the offer all the way back in 2014, writing on Twitter: "About 5 years ago someone asked me to stream a gig live on second life for hundreds of thousands of bitcoins, "as if" I said. #idiot #idiot."
However, despite its meteoric rise, there is one question that's started circling within the Bitcoin community: what happens when it runs out?
Well, due to a stipulation embedded in its source code, there will only ever be able to be 21 million Bitcoins mined.
At first glance, that seems like quite a lot, but in the past decade 18.5 million of Bitcoins have been mined and are in circulation, at a rough average of one block every 10 minutes. So you'd think that when they hit 21 million that might create some problems.
However, it's a little more complicated than that (it's Bitcoin, of course it is).
Firstly the rate of new Bitcoin into circulation is halved every four years, so although blocks are introduced regularly the amount of Bitcoin in them falls periodically.
And a the current rate, this would see the final Bitcoin mined in around 2040.
Featured Image Credit: PA
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