As Bitcoiners frown upon crypto skeptics and legislators most of whom have been blamed for not understanding cryptocurrencies due to their old age, Gene Simmons also known as “The Demon” has sought to prove that age must not be a reason to stay ignorant about crypto.
The 71-year-old baby boomer on Wednesday dominated over a CNBC interview, taking his time to explain how he had made a killing investing in cryptocurrencies from quite an early stage.
The overly excited rock legend and co-founder of Kiss, a rock band founded in the early 1970s disclosed that his interest and eventual investment in crypto was sparked by a call he had with Tyler Howard Winklevoss, the founder of Gemini cryptocurrency exchange and Winklevoss Capital Management at the beginning of the pandemic.
It is after a short conversation that the singer went all big and invested millions in Bitcoin, right when it was around $10,000, holding the asset to $64,000 in mid-April this year.
“I’m what’s called a hodler, h-o-d-l-e-r for those great unwashed masters who may not be educated you have an inferred fiduciary to yourself” he joked.
He revealed that he believed in the long run especially now that crypto, especially Bitcoin, was being accepted widely and institutional investors such as Tesla were already taking note and joining the crypto bandwagon for good. The crypto enthusiast said that he had also invested in about fourteen other crypto assets including Cardano, Polkadot, UniSwap, Ethereum among others.
He faulted crypto critics, especially lawmakers who after having failed in perfecting the old monetary system, were engineering a scheme that “made no sense” in terms of taxing, arguing that cryptocurrencies are already digitally enabled to allow taxing.
“Unfortunately all you people who are duly elected in the government need to educate yourself- any movement of any kind has a digital fingerprint so you will be able to tax everybody and make money whereas if somebody out there sells a bar of gold and take cash, you are left out in the cold,” he said.
Gene who disclosed to be holding an unspecified amount of Ethereum which he had purchased at $900 was confident that Bitcoin would regain this year’s April ground or bolster higher by the beginning of 2022.
“By the beginning of 2022, we will be at $55,000 to $60,000 so I’m all in, I’m putting more in, when there was a big dip I and it went don’t to I don’t know under 30 or something, I put in more”