Andrew Tate Mulls $100M Bitcoin Buy, Says Done with Banks

Controversial Andrew Tate mulls torching fiat in $100M Bitcoin buy, slams banks as scams amid legal chaos.

Adrew Tate standing on a burning 100 dollar bill as he is lighting up a cigar.
Created by Gabor Kovacs from DailyCoin
  • Andrew Tate expressed concerns about fiat and the banking system.
  • The influencer is considering ditching fiat and going entirely Bitcoin.
  • The Tate brothers are embroiled in serious criminal allegations.

Andrew Tate is no stranger to digital assets, having recently promoted his own cryptocurrency project before abruptly backtracking amid scam allegations. The influencer has also mocked crypto investing as akin to gambling, with the added problem of circumventing the life lessons, such as hard work and discipline, needed to become a winner in his eyes.

Sponsored

Even so, Tate’s latest post on X has crypto advocates cheering him on, as he announced plans to go all in on Bitcoin with a $100 million buy while ditching fiat currency entirely.

Andrew Tate is Done With Banks

In a recent tweet, Tate revealed his plan to ditch fiat money entirely by buying $100 million worth of Bitcoin. Tate stated that he knows he’s “not supposed to do this in chaotic times,” but it seems as though the influencer has finally had it with banks and fiat money.

Without giving more details on what prompted his change of heart regarding fiat money, Tate left a clue by saying “Then I’m going boating,” potentially referring to having troubles with the authorities.

There was no shortage of Bitcoiners egging him on to make a colossal Bitcoin buy with replies such as “This isn’t an ape. It’s common sense,” and “Less words. More action.” Equally, some replied with skepticism calling for proof.

Despite his seemingly anti-crypto stance at times, Tate claimed to have been a Bitcoin holder and weekly buyer since 2018, making him part of the community he has publicly mocked in the past.

Serious Allegations

Andrew Tates’s motives for going fully Bitcoin are unclear, particularly in light of publicly mocking the crypto industry in the past. However, the controversial social media personality faces fresh allegations of rape and sexual assault.

Sponsored

Four British women have brought a civil action in the UK High Court, accusing Tate of sexual abuse that was said to have taken place between 2013 and 2016. Three of the women reported Tate to the police, but the Crown Prosecution Service did not proceed with a criminal case in 2019. Lawyers for the women stated that having been let down by the police and CPS, “civil action is their last remaining route to justice.”

Tate denied the allegations and is threatening to file a counterclaim on the grounds of defamation.

Last month, a court in Romania also ruled that human trafficking charges against Andrew Tate can proceed to trial. Tate and his brother Tristan were held in custody between December 2022 and April 2023 as prosecutors built their case against the pair and two Romanian female suspects.

During the Tate brothers’ incarceration, Romanian authorities seized $3.9 million worth of assets, including luxury cars, watches, cash and identified 10 properties owned by companies controlled by them.

Seizing cryptocurrency is much more difficult compared to physical assets, requiring access to passwords and seed phrases to carry out confiscation.

On the Flipside

  • Using fiat for payments is much less frictionless than using Bitcoin, even when using the Lightning Network.
  • A $100 million BTC buy would equate to around 1,515 BTC.
  • Many retailers that accept BTC convert the received crypto into fiat through the payment provider.

Why This Matters

While Tate hasn’t explicitly stated his reasons for wanting to abandon fiat, his comments do express a mistrust around traditional legacy systems, which rings true for many Bitcoin believers.

Andrew Tate claims to have made a fortune trading PancakeSwap:
Andrew Tate Reveals $85M Crypto Earnings During Last Bull Run

The number of newly created crypto tokens went ballistic last month:
Crypto Token Tsunami: 1M New Projects Added in April

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Samuel Wan

Samuel Wan is a finance professional turned crypto journalist, known for his insightful reporting on market trends, regulatory changes, and technological developments within the digital asset industry. His ability to simplify complex concepts and report the facts has made him a trusted source in the crypto community. Beyond his writing, Samuel is an active mountain biker and gamer.