Bitcoin (BTC) Shoots Up 7% After Adidas Cuts Ties with Kanye West

Bitcoin (BTC) Shoots Up 7% After Adidas Cuts Ties With Kanye West

Adidas, one of the world’s leading streetwear and sportswear brands, has officially cut the controversial hip hop artist Kanye West from his multi-million sponsorship deal with them. West, also known as Ye, had a wild month overall, having been thrown out of JP Morgan while wearing a Satoshi Nakamoto hat. In the official public announcement, the fashion powerhouse confirmed that “Adidas will stop the Adidas Yeezy business with immediate effect.”

Kanye West’s Ties With The Crypto World

Ye rocking the Satoshi Nakamoto hat was no coincidence. The mysterious founder of BTC has gone with the wind, putting the real meaning behind decentralization in the top crypto asset. The antisemitism controversy has led to Ye losing access to his Twitter and Instagram accounts, and not for the first time.

Earlier this month, West was day banned from Twitter and Instagram. Then he shared a pic with the IT mogul Mark Zuckerberg, implying the two were friends. As if that wasn’t enough, Elon ‘The Dogefather’ Musk penned a warm welcome back message to Ye on October 8th, 2022.

BTC Price Back on Track

As the ruthless bears are slowly backing off, the top crypto asset BTC is enjoying a 7% daily increase. At press time, the founding cryptocurrency trades at $20,665.31, according to CoinGecko. Furthermore, the latest price movement inspired a 10% growth for BTC in monthly terms.

As the Crypto Fear & Greed Index shows 33, which is marginally above the numbers seen in the last two months, the bullish sentiment is likely to provide more opportunities for retail adoption.

With Ye agreeing to buy the crypto-friendly Parler, it is highly likely that Kanye will drop an NFT collection, as he filed documents for 17 NFT trademarks back in June. Even though the scandalous star publicly denounced NFTs earlier this year, Ye might still follow Donald Trump’s example. The former president used Parler to hand out 250 Trumpian NFTs to his supporters.

On the Flipside

  • Some crypto enthusiasts believe Ye’s switch to a crypto-friendly approach is just a publicity stunt.
  • BTC is still down by 67.5% if compared to its market price a year ago.
  • George Floyd’s family slapped Ye with a $250M lawsuit for spreading false information on the highly publicized murder case.

Why You Should Care

Kanye’s recent controversy has opened up several important social issues. The public on Twitter contemplate if Kanye West would have been treated the same by JP Morgan if he was, for instance, Bill Gates. Indeed, this showcases the lack of objectivity in the central banking system.

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

Author

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.