Social media influencer Andrew Tate stirred controversy in the crypto space after revealing plans to launch a digital coin with a now-deleted February 2 X post. The social media influencer has since deleted the post, however, stating that it was just a “joke.”
Andrew Tate’s $100M Investment to Back Crypto
Tate initially declared his intention to launch the crypto asset for his 8.7 million followers, saying the new crypto project would be backed with $100 million of his personal funds, and that he does not intend to sell.
Andrew Tate deleted his crypto coin tweet
But you probably already signed up to his paid university 💩 pic.twitter.com/yjKBQR3Bkm
— John Savage NFT Alpha 🧵 (@johnsavage_eth) February 2, 2024
For early-bird investors from his University.com team, Tate stated they would be given a discount for buying the crypto asset.
Tate promised to promote the crypto asset everywhere and use his influence as a social media icon to push the price, instructing his followers to retweet at least 50,000 times and the proposal would then become a “done deal.”
“Top G – The G stands for crypto. Every single time you tweet at me,” Tate mentioned in the post.
While the idea gained major traction online with 661,000 views recorded, the self-described “most famous man alive” eventually deleted his post.
Andrew Tate’s ‘Crypto Scamcoin’?
Tate’s crypto asset idea has been ridiculed by several industry experts. One such is crypto sleuth and investigator CoffeeZilla, who immediately called Tate’s proposal a “crypto scamcoin.”
Andrew Tate is launching a crypto scamcoin.
Last year: “I DO NOT HAVE ANYTHING TO DO WITH ANY CRYPTO… I don’t need to rob my fans” pic.twitter.com/25ivGTqpKp
— Coffeezilla (@coffeebreak_YT) February 1, 2024
CoffeeZilla went on to post a screenshot of Tate’s post, where he unequivocally mentioned that he does not endorse shitcoins. Shitcoins are joke crypto assets that ride on social media appeal and have little utility. Tate then claimed bemusement that the crypto investigator is unable to detect a joke when it’s made.
Tate is also quoted as saying he has nothing to do with any crypto asset as he does not intend to rob his “fans.”
My message to the crypto community. pic.twitter.com/whg9GccUi2
— Andrew Tate (@Cobratate) February 2, 2024
Tate’s relationship with the crypto industry has been one of heated aggression. In a viral post on X, Tate said he was glad that crypto investors lost all their funds during the long, drawn-out crypto winter that stretched through much of 2022 and 2023.
In a 12-month video, he explicitly mentioned that he foresaw an impending bear market that would impact the emerging industry during that timeframe.
Meanwhile, the crypto market is currently enjoying strong bullish sentiment following its growing adoption. Bitcoin, the world’s largest crypto asset, has since reclaimed its $43,125 price peg. The decentralized asset is up 0.9% in the last 24 hours, with more tailwinds expected.