Andrew Tate To Plow $100 Million in Bitcoin After Announcing That He Is “Done With The Scams”

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Bitcoin has just received a resounding endorsement, and that too from an unexpected quarter. The former professional kickboxer and controversial social media star, Andrew Tate, has now publicized his intent to invest a significant amount of money in Bitcoin.

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To wit, Tate has announced via an X post that he will invest $100 million in Bitcoin:

Tate also professed that he is "done with the scams," which harkens to his past as a "fake guru" when he used to scam men out of millions, as per his own confession.

Interestingly, the fact that Andrew Tate is announcing his intention to invest in Bitcoin while simultaneously repudiating all scams suggests that the former kickboxer doesn't believe that the cryptocurrency is one. This, of course, constitutes a sizable change of heart from just a few weeks back when he dubbed all crypto investors "dorks."

Bitcoin's Ongoing Consolidation

We noted recently that Bitcoin was towing its 2016 analog almost tick for tick. In line with this analog, the cryptocurrency has now exited the so-called danger zone, which had characterized an extended period of weakness following the halving event in 2016.

This exit, however, does not mean that rip-roaring gains lie in Bitcoin's immediate vicinity. Rather, as noted by Rekt Capital, Bitcoin's ongoing bullish cycle has been marked by an uncharacteristic acceleration, which has moderated somewhat after the cryptocurrency's consolidation over the past few weeks. Accordingly, we will not be surprised if Bitcoin continues in its current state of doldrums for a further 200 days, which would align the current bullish cycle with historical norms.

As additional evidence, consider the fact that it generally takes Bitcoin's miners between two and five months to recover from the post-halving upheaval, which then