Gene Simmons’ $300K Cardano Investment Has More Than Doubled Since February

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Lick it up.

Kiss bassist Gene Simmons tweeted in February that he had purchased $300,000 of Cardano’s ADA, writing that the cryptocurrency was “one I believe in.”

The conviction has paid off for the rocker, with ADA’s value greater than doubling since then. Based on back-of-the-envelope math, the token hoard can be value greater than $700,000 now.

ADA is one in every of 14 cryptocurrencies that Simmons owns, he mentioned Sunday in an interview on the Altcoin Daily YouTube channel.

“I like Cardano, although it’s an idiot name,” Simmons mentioned. “Get rid of that thing. Just call it ADA. Call it by the trading name.”

Through a spokeswoman, Simmons, 72, declined to remark when contacted by CoinDesk.

In the YouTube interview, Simmons mentioned he additionally owns bitcoin, ether (the native cryptocurrency of the Ethereum blockchain) and litecoin, amongst others.

He mentioned he purchased bitcoin when the worth was round $10,000. Lately it’s buying and selling simply above $57,000.

“All my cryptos have done very well,” Simmons mentioned.

Simmons goes crypto

The musician as soon as identified by his stage persona “The Demon” mentioned he purchased 0.2% of two cryptocurrencies that he thinks will go up 10-fold. He declined to call them as a result of then the costs would most likely pump and “you’re going to have short-sellers.”

“I want the rise to be natural,” Simmons mentioned.

He mentioned he’s a “medium fan” of Charles Hoskinson, the lead developer of the Cardano blockchain.

“You live and die by the people who steer the company,” Simmons mentioned.

Read extra: Kiss’ Gene Simmons Buys $300,000 Worth of Cardano

He mentioned BTC and ETH are the 2 largest cryptocurrencies in his portfolio on a share foundation.

And whereas he bought dogecoin (DOGE) earlier this yr after Tesla CEO Elon Musk tweeted about it, he mentioned he plans to carry his remaining cryptocurrencies for no less than a decade.

“Do your own research,” Simmons mentioned. “In the interest of full disclosure, nothing I’m saying means anything. Please ignore me. I’m not giving anybody advice.”