It has been reported that on February 19, Simmons revealed on Twitter that he would buy $300,000 worth of ADA. While emphasizing that he is not a financial analyst, a helpful disclaimer, the rock star said he wanted to share projects he believes in and was definitely not suggesting anyone else should buy ADA.
I just bought $300,000 of CARDANO (ADA). I’m not a Financial Analyst and I’m not telling U to buy or not to buy. Simply letting U know what I am doing and what I believe in. Why? Because I believe it’s going up..and it’s always up to you to research & decide. pic.twitter.com/UiIqowJ4pY — Gene Simmons (@genesimmons) February 19, 2021
Charles Hoskinson, the founder of Cardano and co-founder of Ethereum, welcomed Simmons to the ADA community and invited him to reach out through private message if he needed any support.
Welcome to cardano Gene. PM me if you need any support — Charles Hoskinson (@IOHK_Charles) February 19, 2021
However, Simmons engaged with some of his followers, providing advice on where they can purchase the token, and commending them for making Cardano’s price “go up.”
Wow!..You guys are already making Cardano (ADA) go up. Impressive. — Gene Simmons (@genesimmons) February 19, 2021
The report said that after professing his support for Bitcoin toward the peak of its 2017 bull rally, Simmons drifted off the crypto radar, but returned with a vengeance at the start of this month after claiming to have made investments in Dogecoin.
Yup. I bought even more Dogecoin. Why? Because I believe it will go up. But that’s just me. — Gene Simmons (@genesimmons) February 6, 2021
Over the past week, he also revealed a spate of investments including buying Bitcoin (BTC) seven months ago, $300,000 worth of Ether (ETH) when it was trading for $300, and $300,000 worth of Binance Coin (BNB).
Some in the crypto community appear skeptical of Simmons’ newfound passion for Cardano given his high profile coin-shilling, with one Twitter-user replying:
“What happened to DOGE coin? wasn’t that your favorite coin some days ago?”
Likewise, Twitter user Ryno took exception to Simmons’ recent characterization of ADA as more affordable than Bitcoin for ordinary people, posting:
“Say no to shitcoins Gene.“
Thus, the Twitter user added:
“Gene is fine, he can gamble. Most of y’all are poor and should be in #Bitcoin, but see 50k as unaffordable.”