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Drake Shouts Out Bitcoin: Started From Bottom, Now We HODL

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Bitcoin’s scintillating run to new peaks has sparked a celebrity frenzy. From major artists like Jay-Z and Soulja Boy to YouTube rappers like DDG and C.K.Hi, all have adjusted to the digital financial trend. Rapper Meek Mill, aka “Meek Mandela,” went one step ahead and announced via Twitter that he joined the SHIBArmy. Also, rumors circulate that Jay-Z has substantial influence in the digital asset landscape, as he’s reportedly a silent investor in the Robinhood app.

But what caught everyone’s attention is that rap icon Drake recently shared a video on his Instagram handle featuring Michael Saylor discussing BTC on national TV. It’s widely known that Drake’s endorsement of digital assets goes beyond marketing; he has a stake in the crypto betting platform Stake. BTC proponents are ecstatic about Drake’s shout-out to his 146 million followers, with some predicting a massive surge in retail FOMO.

One commentator anticipated that millions of Drake’s followers would now join the Bitcoin bandwagon, emphasizing the potential impact on exit liquidity: “Millions of his followers will buy Bitcoin and get into crypto. Understand that our exit liquidity is here, and retail will FOMO in harder than ever.”

Bitcoin Euphoria Is Halfway There

As Bitcoin surges above $70,000, retail interest in the digital asset market appears to be gaining momentum. According to CryptoQuant’s founder and CEO, Ki Young Ju, half of retail has arrived, and the broader crypto market is halfway to Bitcoin euphoria. The graph below shows the unrealized profit for retail wallet cohorts, indicating the market likely reaches a cyclical top when everyone is in profit.

Bitcoin
Drake Shouts Out Bitcoin: Started From Bottom, Now We HODL 2

Although it is difficult to gauge the exact number of people in the space, “price is the best marketing tool for adding users, but they lag price by a lot. It’s way more accurate to measure users through Google trends, searches, or app downloads,” wrote one user.

Young Ju acknowledged that it’s hard to know how “many” retail investors joined relying solely on on-chain data. This is more similar to measuring the intensity of the retail cycle through retail on-chain activities, he emphasized. Another viable approach could be comparing that data with crypto exchange app downloads by region and by the exchange, or checking the retail increase for each country/region separately.

Drake’s Bitcoin Bet Ends Up In Loss Of Nearly $275K

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Canadian rapper and actor Drake lost roughly $275,000 in Bitcoin [BTC], after placing a bet on American professional mixed martial artist Jorge Masvidal.  The “In My Feelings” hitmaker was anticipating for Masvidal to defeat Colby Covingto during a seismic UFC 272 event that took place on 5th March on the T-Mobile arena in Las Vegas.

Drake could have walked away with more than $700,000. But in a turn of events, the upset didn’t happen as expected, and Covingto instead pulled off the stunner and won the grudge match by unanimous decision after dominating every round.

This is not the first time that the superstar rapper put his Bitcoin at stake. In February, he netted around $380,000 in the largest cryptocurrency after betting $1.3 million on Super Bowl LVI. The Los Angeles Rams won against the Cincinnati Bengals, which allowed the rapper to make the killing. Prior to the results, Drake took a snapshot of his bet and posted it on Instagram for his over 100 million followers, with the caption “All bets are in on the family.”

With regards to cryptocurrency betting platform Stake, Drake had been dropping hints about a possible partnership for months. There was a picture of him playing an online game of roulette or a screenshot of his massive Super Bowl bet, the artist/actor made it clear he was at least a fan of the platform.

On 2nd March, more details emerged as Drake officially announced on Instagram calling his partnership with Stake- “inevitable.” “Drake and Stake have come together,” he wrote in the caption, adding that he’ll be announcing an upcoming live event where he’ll play for real money that he plans to give away.

Drake’s generous Bitcoin gift

Drake gifted a Twitch user $86,000 [$117,000 AUD) in Bitcoin, and she reportedly lost all of the money gambling in the same night. Twitch user Sincerelyjuju was live-streaming when she received a large payment in Bitcoin, which she later announced was sent from Drake. Not long after, Sincerelyjuju received another Bitcoin payment from the rapper, with the total amount equalling $86,000.

The Twitch streamer then took to Instagram to share her delight over the rapper’s generosity. “Drake gifted me 44k,” she wrote alongside a clip of one of the transactions.