Drake Is Waiting On Bitcoin (BTC) To Recover, Shows Off Ledger Cold Wallet

Drake dancing in a yellow room without windows doors with an Apple Iphone in hands

Canadian hip-hop star Drake took to Instagram on Friday to share a picture of his iced-out Ledger hardware wallet. The multi-platinum rapper has been a Bitcoin (BTC) ambassador since 2021, when he wagered over $1 billion worth of cryptocurrency on the Super Bowl and cashed in a couple of massive UFC bets, later forming a partnership with Stake. Besides, Drake and fellow music mogul Snoop Dogg invested several million dollars into MoonPay earlier this year.

However, this time a sponsorship deal is not the case. Ledger officially stated that they don’t have a partnership deal with Aubrey Graham, popularly known as Drake. Ariel Wengroff, the Vice President of Ledger’s communications department, weighed in:

“Ledger doesn't have a partnership with Drake and didn't give him that Ledger, but we're not surprised Drake gets the power of self-custody and protecting his assets”.

Currently, the rapper’s net worth is $260 million and it’s unknown how many More Ms is he keeping in the shiny, diamond-encrusted Ledger.

Cold Wallets Offer Comfort After The FTX Scare

The Crypto Halloween went full swing when the second largest crypto platform, FTX, and its native token FTX (FTT), were shredded to pieces within a week. This has sent the Crypto Fear & Greed Index to lately unseen levels of Extreme Fear, as investors ran to crypto platforms to cash out.

As self-sovereignty is becoming a top priority for crypto enthusiasts and heavy investors, cold storage wallets provide an opportunity to stay extra safe. The self-custodied wallets feature the CC EAL5+ Certified Secure Chip, meaning it would be extremely difficult to snatch it away, even for the most creative crypto fraudsters.

Ultimately, the hip-hop world seems to make great use of the Ledger wallet, as the Ledger Nano device is seen in Doja Cat and Saweetie’s music videos, while Gunna rocked the iced-out chain with a Diamond Ledger pendant at the Met Gala. This comes at a time when centralized exchanges are distrusted by the public, hence why it may set a new security standard for crypto enthusiasts.

On the Flipside

  • Despite rising crypto adoption, Bitcoin (BTC) couldn’t hold on to its crucial $17K support line.
  • The top cryptocurrency trades at $16,116.56, with 2.6% in the red for the last 24 hours.

Why You Should Care

Celebrities showing off their cold storage wallets can increase crypto adoption as well as raise awareness about some of the most susceptible security issues revolving around crypto.

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.