The YouTuber turned rapper invested in Bitcoin last year and was stunned to see his profits balloon to a massive £7 million – then despaired when the money disappeared as the volatile online currency crashed
Musician, occasional boxer, and Celebrity Gogglebox star KSI has shared a cautionary tale about investing in high-risk cryptocurrencies as he lost a £7 million fortune on Bitcoin.
The 28-year-old YouTube sensation – who is worth a reported £20 million – tried to boost his fortune by investing in Bitcoin towards the end of last year.
And while the cryptocurrency did go on to reach an all time high price of £47,240.05 per ‘coin’ after he invested, the volatile crypto-market saw him lose his profits when the value crashed weeks later.
KSI admits that he should have cashed out when the price was high, but failed to – meaning he lost out on claiming a multi-million pound bonus from his initial investment.
Explaining his experiences on Made In Chelsea star Jamie Laing’s Private Parts Podcast, he said: “I put £2million into Bitcoin last year, in November or December.
“I made £7million – and now I’ve lost it all. It’s been a full journey! I had to experience it.
“I had to really delve into the crypto space. And I fully understand it. I essentially leveraged myself and I over-leveraged myself, to a point where I lost money because of it. I got liquidated because of the Bitcoin crash.”
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While many would be left in tears by the loss of such a huge sum of money, KSI says he is not too upset over his losses.
He said: “There’s no point in crying over spilt milk. I got lucky with the £7million, but I should have been smart – I should’ve taken it out.”
Away from gambling on Bitcoin, KSI is hoping to have better success with his new music.
The multi-talented star unleashed his second album, All Over The Place, on Friday and hopes to equal or better the success of his debut, Dissimulation, which reached Number 2 in the UK album charts last year.
The new record includes collaborations with huge music stars from the UK and beyond – with Anne-Marie, Yungblud, Craig David and Future among the stars featuring on the album.
Meanwhile, the star this week delighted fellow Celebrity Gogglebox star Lorraine Kelly when he gifted her a ladyship title.
The 61-year-old Scot interviewed KSI about his new album on her ITV show this week and said: “Really I should have curtsied when you came in because you’re Lord KSI. What’s all that about?”
KSI laughed: “Obviously the last time we were here, we talked about me being a Lord, a fan made me a Lord. That is why I have decided to make you a Lady.”
He then presented her with a framed document declaring her a ‘Lady’, leaving the morning TV star to declare: “Look at this! Lady Lorraine Smith. I wish to be known as Lady Lorraine for ever more.”
Lorraine thanked KSI and joked that they were now “Lord and Lady”.