It has been reported that in a video posted to his Instagram story, Logic, real name Sir Robert Bryson Hall II, bragged that he “bought six million in Bitcoin last month,” while making the collar pull gesture popularized by fellow rapper Xzibit in the mid-1990s MTV show Pimp My Ride.
However, he followed this up by trying to make out that it was really no big deal, muttering “F**k it,” “YOLO” (meaning “You only live once”) and “Seriously…”
Instead of his posturing, Logic’s investment could turn out to be a particularly canny financial move.
The report said that in an absolute worst-case scenario, if “last month” meant that he made the investment at the market top on October 31, then his $6 million dollars would have bought around 433 BTC at a price of around $13,850.
It has been analyzed that if he used the phrase “last month” to refer to one month ago, then his buy-in price could have been $11,760, as these hypothetical 510 BTC would now be worth $9.3 million, or a cool $3.3 million gain.
Rapper @Logic301 announces $6 million #Bitcoin investment https://t.co/hMmtonwIWZ — Cointelegraph (@Cointelegraph) November 20, 2020
Moreover, if days and weeks mean little to him, then it is feasible that he could have been referring to investment around the start of October. This would have netted him almost 570 BTC at a price of around $10,550.
These would now be worth $10.4 million by representing a profit of $4.4 million, or an almost 75% return on his initial investment.
Thus, Logic has changed his Twitter name to Bobby Bitcoin.