Justin Bieber, known for his music, has become one of the richest people in the world. He has used this wealth in a variety of ways, from philanthropy to venture capital investments. But a less-discussed way the singer has used his fortune is in cryptocurrencies. Bieber started investing in cryptocurrencies and NFTs in 2021, but his investments have lost significant value since being acquired. Let’s take a look:
Bieber first started buying NFTs in 2021, near the end of a wave of NFT hype that hit the cryptocurrency community. In early 2022, Bieber purchased Bored Ape #3001 for 500 ETH, or approximately $1.3 million at the time.
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Additionally, around the same time, Bieber purchased Mutant Ape #922. For this NFT, he paid 28.8 ETH, or just over $70,000.
These NFTs gave Beaver access to airdrops of ApeCoin. ApeCoin is a governance token that powers the ApeCoin DAO. However, most investors simply see this as an agency to invest in Bored Ape NFT projects without shelling out tens of thousands of dollars.
The airdrop took place in March 2022, with 15% of the total supply distributed to Bored Apes owners. Specifically, the owner of Bored Ape earned him 10,000 tokens and the owner of Mutant Ape earned him 2,000 tokens.
At the time, airdrops were highly profitable and generated huge amounts of value for NFT owners. One month after the airdrop, the token price reached a high of $27.60. This means that a Bored Ape holder would have received $276,000 from the airdrop and a Mutant Ape holder would have received $55,200.
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Bieber held both NFTs, so at one point his position was worth more than $331,000. This is a far cry from the roughly $1.4 million he paid to purchase the NFT, but since Bieber didn’t pay directly for the Apecoin, it’s a huge amount to receive essentially for free.
But Bieber probably regrets not selling his position when it was worth more than $331,000. Since hitting these highs, the price of ApeCoin has continuously declined, likely due to bored Ape holders selling their tokens for profit.
Apecoin has been trading between $1 and $2 for nearly a year, and Bieber’s position is worth just $14,000.
Since the value of this position reached $331,000 and is now worth $14,000, this represents an unrealized loss of nearly 96%.
Mr. Bieber has also experienced huge losses on NFTs themselves, resulting in losses of nearly 97%.
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This article is about the amount of money Justin Bieber lost investing in Apecoin.
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