Tom Brady effect? Bitcoin price at two-year low since TB12 announced cryptocurrency investment
Tom Brady is a seven-time Super Bowl champion and three-time league MVP widely recognized across the NFL as the greatest to ever grace the sport. So when Tom Brady invested in bitcoin, it was fair to think the value of the cryptocurrency would increase.
Alas, that is far from what happened. Soon after the Tampa Bay Buccaneers superstar invested, the price of bitcoin fell drastically. Brady began investing on May 10, 2021. We know this because that's the day Brady changed his Twitter profile picture (laser eyes are associated with bitcoin enthusiasts). The meaning of the lasers is a focus among users to push prices higher.
Tom Brady's history with Bitcoin
Tom Brady is 44 years old, which is almost unheard of in the NFL. But you're never too old to learn something new, as Brady has demonstrated. The NFL icon is a fan of bitcoin and cryptocurrency in general. He confirmed the same at the CoinDesk Consensus 2021 Forum. Brady said he sees it as something that'll be a part of our future indefinitely.
“I don’t think it’s going anywhere,” Brady said at the CoinDesk Consensus 2021 Forum. “I’m still learning so much. It’s definitely something I’m going to be in for a long time.”
When Tom Brady first invested on May 10, the price of one bitcoin was $58,704.57. After one day of being an investor, it dropped to $49,150.53. Just one week later, on May 17, the price dropped to $37,002.44. That's a $21,702.13 difference in seven days.
Fast forward to today, and bitcoin has recovered well, checking in at $50,807.66. Bitcoin hit its roughest patch on July 19 when its value was $29,807.35. Before that, the last time it plummeted was back on December 30, 2020.
Despite the ups and downs that come with it, Brady is still a believer in cryptocurrency's future.
“In my understanding, it was really a vote of confidence to really get into the conversation as I'm such a big believer in crypto, and where things are heading in the world,
Bitcoin's history
Bitcoin has been around since 2009 when the software for it first went online. It took almost a decade for it to become the success it is today.
Throughout the early 2010s, its price fluctuated, making it hard to get a return on investment. Throughout the mid-2010s, there were issues with security and theft. It wasn't until 2017 that the price of bitcoin would rise to $10,000. It's now become a rage with popular athletes, with most pivoting towards crypto investment.
Tom Brady pokes fun at NBA superstar Steph Curry
In fact, when NBA superstar Stephen Curry asked for advice on Monday night, Tom Brady was quick to poke fun at himself on Twitter. Brady's not single-handedly responsible for bitcoin's struggles, but it is an interesting coincidence they started right after he invested.
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