Gene Simmons Buys $300k Worth Of Cardano

Monday 22 February 2021, 7:00 AM AEST - 1 week ago

Gene Simmons — a man who used to be known exclusively for rocking out on stage and an unforgettable coat of face paint — has also become known for his positive attitude towards cryptocurrencies. 

The KISS frontman has sizable holdings in Bitcoin, Ethereum, Litecoin,  and other cryptocurrencies. He’s also — in typical rockstar fashion — declared himself the God of Dogecoin. Elon Musk may be surprised to hear that. 

An Affordable Cryptocurrency 

Explaining his recent purchase of Cardano (ADA) worth $300k, Gene Simmons stated that he believes everyone should be able to afford cryptocurrency, and Cardano is affordable for everyone. 

“ Why did I buy Cardano (ADA)? Well, for one thing, it’s affordable to almost everyone. It’s pennies compared to my other holdings like Bitcoin, which is over $50,000 a single coin. I believe everyone should be able to afford cryptocurrency. And here is one I believe in.”

The value of Cardano has grown from around 6 cents last February to $1.09 at the time this article was written. Cardano is currently one of the top cryptocurrencies by market cap, in a constant battle with XRP, LINK, XLM, and USDT. The cryptocurrency seeks to create a platform that will allow the mainstream financial system to interact with crypto networks, as well as fix the Bitcoin scalability issue. 

Gene Simmons has also been accused by detractors of taking payments in exchange for endorsements of cryptocurrencies —  to which he responded, saying people should do their own research before buying cryptocurrency — but also saying that sometimes people should ease up on the cynicism. 

Celebrities and crypto are now heavily in the limelight, we recently saw accusations that Tron paid celebrities to endorse TRX coin.

Cardano, Chainlink, and Ripple have all been working on inventing ways to connect the mainstream financial system to the blockchain ecosystem — and if market caps are any indicators of success, things will only get better for them from here on out.

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