JAKARTA - Gene Simmons is the frontman of the legendary rock music group from the US, Kiss. The figure who plays the bassist revealed that he still holds cryptocurrencies. Simmons plans to keep his crypto asset holding despite the decline in the moderate market.
The man who was born in Haifa, Israel, confirmed it on Thursday, December 8. He was also not affected by the bankruptcy of FTX that sparked a prolonged bear market. Additional information, Simmons has founded Kiss with lead vocalist and guitarist Paul Stanley.
In response to a question from Crypto Housewife at his Moneybagrancurrency launch event in Alberta, Canada, about whether he still holds crypto assets, Simmons said: "Well, I would not suggest or recommend anything. I am not a financial advisor."
"But because you asked me, yes, I really like crypto. I believe in it. I have bitcoin, litecoin, ethereum, some others... Personally, I hold, but everyone has to do their own due diligence," Simmons said.
Meanwhile, the price of Bitcoin fell by about 64 percent year-to-date while Ethereum has fallen 66 percent. The crypto industry has experienced some major shocks throughout 2022, including the collapse of Terra LUNA in May and the collapse of FTX last November.
FTX, Compute North, Voyager Digital, Celsius Network, Three Arrows Capital, and Blockfi have all filed bankruptcy protections after dealing with financial problems. An estimated one million subscribers have lost billions of dollars in FTX's crash.
In June, Simmons had revealed that he only had 14 types of cryptocurrencies. The Kiss frontman stated that until now he has not sold the coins he owns even though the crypto market has experienced a significant decline.
Later, in an interview with American Songwriter in May, Simmons said he often thought about cryptocurrencies. "The government, as you know, is now printing money whenever they need it. So, inflation continues to get bigger and bigger," said the Kiss legend.
Next, he explained that cryptocurrencies are game changers. Simmons admits to being a part of the crypto supporter. "Yes, this is a game-changer. I was in it. I have done very well."
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