Lately, crypto has become quite a trend among Gen Z and millennials. For them, it’s more than just a fad that will die out. Rather, it’s a unique means for them to gain better financial literacy. It’s also a way for them to build their wealth while exploring the different options in the financial system. Imagine a complete new financial technology that can help an entire generation get back up on its feet.
Now, it looks like music celebrities are joining in on the trend as well. On Wednesday, popular rapper named Logic went onto Twitter to celebrate his profits with his fans. He definitely took a leap of faith because he went above and beyond to invest a whole $2 million into Ethereum. He did so when a single Ether token cost around $1,400.
In his tweet, he expressed that he funneled $2 million into Ether when its price was low and now he’s making immense profits. As of Thursday, the value of a single Ether token is about $3,800. This means that Logic has very likely doubled his investment or more. That’s because if we look at the recent trends, we see that Ether reached a new high of more than $4,000 in May.
In terms of market cap, Ether takes second place, right after Bitcoin. Speaking of Bitcoin, Logic funneled $6 million into it November last year, as he screamed ‘Yolo.’ Ether acts as an open-source blockchain that Vitalik Buterin launched in 2013.
Because of all the hype surrounding crypto, record labels are looking to pay their artists with crypto. This way, they’ll have a greater number of options in terms of investment. Recently, the distribution company dealing with Steve Stoute, United Masters, is working together with Coinbase. This will help them make sure that all their artists are getting the best resources on learning about crypto. It also helps them understand how they can pay using the crypto of their choice.
In a statement, United Masters talked about how they have a goal to develop further financial opportunities for the youth. More importantly, they want to offer musicians better transparency and equity so that it levels the playing field. In the long run, it will definitely help them remain independent and in control of their creative futures.
In fact, the company made headlines as the first ever music label to give their artists crypto. In their opinion, it will build their financial literacy and give them a chance to build their wealth in other ways. They made the announcement on Tuesday that they will give their artists a chance to receive payment in their preferred crypto.