Kiss Singer Gene Simmons Claims He Didn’t Sell His Litecoin and 13 Other Crypto Holdings
Gene Simmons says he continues to hold Litecoin and 13 other cryptocurrencies
The legendary singer of Kiss, Gene Simmons, says it continues to hold Litecoin and 13 other cryptocurrencies despite the recent market downturn. In his words, “And, I will continue to hodl”, Simmons implies that he has not sold any of the assets.
In 2021, Simmons opened up about his penchant for digital assets in an interview with news website American Songwriter, where he called cryptocurrency a game changer. I’ve done very well. I’m deeply involved in Bitcoin and Asyrium. There are others, there’s Zcash and Litecoin. There are quite a few others.”
The legendary singer, popularly known as “The Demon”, became interested in Dogecoin (DOGE) after WallStreetsBets noticed the same cryptocurrency. Subsequently, Simmons diversified his holdings to include Bitcoin, Ethereum, Cardano, Binance Coin and Chainlink. Simmons also revealed an anonymous investment in Litecoin.
The crypto market capitalization has fallen by more than $1 trillion this year due to a long selloff. The bulk of altcoins are currently down 60-90% from their previously set highs. Bitcoin, the most popular cryptocurrency, is down more than 70% from its all-time high of nearly $69,000 in November.
With rising interest rates hurting the industry and its outlook, crypto began to fall late last year on less supportive Fed forecasts.
According to on-chain analytics firm Glassnode, even long-term holders who have avoided selling so far are under pressure.
We have already seen a number of low cycles in crypto and while they are never easy, this is a time of opportunity. I am encouraged by the close collaboration we are seeing this week and believe the industry will emerge stronger than ever.
— Barry Silbert (@BarrySilbert) June 15, 2022
Grayscale Founder Barry Silvert talks about the recent market downturn: “We have already seen a number of bear cycles in crypto and while they are never easy, this is a time of opportunity. I am encouraged by the close collaboration we are seeing this week and believe the industry will emerge stronger than ever.”