Kiss frontman and bassist’s $300K in Cardano has more than doubled in 8 months
Back in February, Kiss frontman and bassist Gene Simmons bought $300,000 of Cardano, writing that he ‘believed’ in the cryptocurrency. His loyalty has more than paid off. Now, the aging rocker’s funds exceed $700,000, Coindesk wrote.
Simmons owns another 13 cryptocurrencies apart from Cardano, he told the Altcoin Daily YouTube channel in an interview on Sunday. He said:
I like Cardano, although it’s an idiot name. Get rid of that thing. Just call it ADA. Call it by the trading name.
He added that he also owned Bitcoin, Ethereum, and Litecoin among others. Simmons bought Bitcoin when it was changing hands for just $10,000 a coin. Now, it’s pushing $60,000. He is proud to share that all his cryptos ‘have done very well.’
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The legendary musician shared he bought 0.2% of two coins that he believed would increase tenfold. He didn’t name them out of fear that the prices would leap and it would lead to mass short-selling. He prefers natural increases. He said he supported lead Cardano blockchain developer and founder Charles Hoskinson because ‘You live and die by the people who steer the company.’
Simmons is in crypto for the long haul
Once best known by his stage persona “The Demon”, Kiss’ frontman and bassist has shared Bitcoin and Ethereum are the two biggest coins he holds percentage-wise. Earlier this year, he sold his Dogecoin after Tesla CEO Elon Musk’s tweet, but he plans to hold the rest of his cryptocurrencies for at least ten years.
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When the Kiss bassist and frontman bought Cardano in February, he said he believed in the asset because it was very affordable compared with other cryptocurrencies. He tweeted that a single Bitcoin cost $50,000. At that time, ADA was priced at $0.92 and was the sixth-largest cryptocurrency by market cap at less than $29 billion.
Cardano addresses Bitcoin scaling issues
As a blockchain, Cardano aimed to create a smart contract platform that was compatible with the mainstream financial system. At the same time, its creators want to address the scaling problems of Bitcoin. The native token, ADA, has gained more than 400% since it was launched.
Simmons has also commended Cardano founder Charles Hoskinson’s steps and measures to help improve and develop emerging economies in Africa.