Jay-Z Has 99 Problems, But Not Owning Crypto Isn’t One
According to Forbes, Jay-Z has an estimated net worth of just over $1 billion. His billionaire status puts him at the top of the rap game in every sense. His music is legendary, and he widely regarded as among the most successful businessman emanating from the music industry.
A Hugely Successful Music Mogul
Jay-Z is known globally for his artistry. However, his business acumen proves to be far above his musical ability. Jay-Z is not only a great musician but has also shown to have a capacity for other profitable endeavors.
Real-estate, liquor, music streaming, and tech companies, Jay-Z is involved in all these. His ability to see a profitable opportunity is exemplary. Having invested about $2 million in Uber, his shares are now worth over $70 million.
— Forbes (@Forbes) June 3, 2019
Warren Buffet, in a 2010 edition of Forbes, comments that Jay-Z is the one to learn from in terms of business after they had a successful lunch interview hosted by Forbes.
Jay-Z’s note of cryptocurrency is spoken significantly of the future of cryptocurrencies. His eye to spot potentially successful businesses led him to back Robinhood, a crypto mobile trading app.
Upon its inception, Robinhood was meant for millennials. Its target market, however, evolved beyond millennials to the working class that was venturing into trading in stocks and cryptocurrency.
The evolution of Robinhood saw its user base grow tremendously. Robinhood also set up its application such that it was easy to use on smartphones and computers as well. The ease of operation made it even more popular among millennials.
Its primary attraction, however, is the low trading cost, unlike any other trading platform. This is the icing on the cake for Robinhood. If millennials weren’t convinced by the ease of use, the price would get to them given that it’s a generation that is more conscious of its expenses.
Furthermore, Robinhood incorporated useful features that made it easier for new traders. With a monthly fee of $5, traders can access margin accounts up to $1,000. Information and data in stocks and cryptocurrencies are also provided for in the $5 plan for more informed investment decisions.
Robinhood’s potential saw Roc nation invest in the company.
What Other Celebrities are Involved in Crypto?
Robinhood is not the only cryptocurrency related application that received celebrity endorsement; others exist as well.
Nas and 50 Cent made millions via their cryptocurrency endorsement. 50 Cent allowed his fans to purchase his music via Bitcoin while Nas invested in Coinbase back in 2014. These business moves saw the two grow richer through cryptocurrency.
— BitPay (@BitPay) June 9, 2017
Other celebrities that have endorsed crypto products include Katy Perry, Ashton Kutcher and Richard Branson with Richard Branson allowing payments on his Virgin Galactic tickets to be made via Bitcoin.
From the celebrity endorsements, serious endorsers can easily be picked out, like Jay-Z. Some, however, may not be as genuine about their involvement.
The bottom line remains that individual investors must always do research, which is something I’m sure Jay-Z does.