Cryptocurrency has been a roller coaster of an investment to say the least and rapper N.O.R.E., host of “Drink Champs,” is feeling the impact of the crypto implosion on his finances.
N.O.R.E. recently went to social media to vent his frustration, stating, “Yo my bitcoin or whatever it’s called ain’t worth s–t!!!”
On Instagram, he shared a screenshot of the tweet and wrote in a caption, “I’m mad at cryptocurrency y’all lied.”
Fat Joe and Slim Thug both co-signed N.O.R.E.’s post in the comments.
Bitcoin, the pioneer of cryptocurrencies, has seen a major decline in value. While it once reached an all-time high of approximately $68,789 in November 2021, reportedly today one Bitcoin is valued at around $27,000. Of course, this drastic drop has left many investors reeling, including celebrities like N.O.R.E., who believed in the potential of this digital asset.
Not only did N.O.R.E. express his disappointment in cryptocurrency’s plummeting value, he also criticized the entire digital investment space, charging that the promises made about these innovative financial assets were misleading.
It’s unclear how much N.O.R.E., who has an estimated net worth of $5 million, invested, but crypto across the board has been on a steady decline.
On Oct. 12, Barron’s reported that the price of Bitcoin has fallen 1.5 percent over the past 24 hours to below $26,750. With this, Bitcoin hit its lowest levels so far this month.”
Bitcoin “spent more than a month stagnating in this range as historically low volatility and trading volumes saw investor interest wane,” the outlet reported.
A recent study also looked at more than 73,000 NFT collections and found 95 percent of them were worthless, according to Business Insider.
A new report from the dappGambl site shows most of these NFTs are now “worthless.” Researchers examined more than 73,000 NFT collections owned by 23 million investors and found that 95 percent of the digital assets had a “floor price of zero” Ether.
“This statistic effectively means that 95% of people holding NFT collections are currently holding onto worthless investments,” the study concluded.
Things don’t seem to be looking up for the crypto space. Techopedia reported, “Based on our analysis, Bitcoin’s price could fall to $21,500 by the end of 2023. This is a potential loss of 21% by the end of the year.”