Gene Simmons Reveals He Bought $300k of Ethereum (ETH) in Oct. 2020

In brief:

  • Gene Simmons has revealed he bought $300k worth of Ethereum 4 months ago
  • Mr. Simmons bought his bags of Ethereum on the Gemini exchange with the help of Tyler and Cameron Winkelvoss
  • Gene Simmons probably bought Ethereum when it was below $400
  • His bags are possibly now worth 4.58x more, which is around $1.376 million

Gene Simmons has just revealed to the crypto community that he bought $300k worth of Ethereum four months ago through the Gemini exchange. Mr. Simmons, popularly known for being the frontman of the band known as ‘Kiss’, also revealed that he made his purchase on the Gemini Exchange with the help of Tyler and Cameron Winklevoss.

Mr. Simmons made public his purchase of Etheruem via the following tweet.

About 4 months ago, I bought $300k of Ethereum #Ethereum through #Gemini and Tyler/Cameron Winklevoss. Thought you’d like to know.

— Gene Simmons (@genesimmons) February 13, 2021

Gene Simmon’s Ethereum Bag is Possibly Worth 4.58x More or $1.376 Million

Winding back the hands of time, 4 months ago takes us to approximately October 13th, 2020. Further checking the Ethereum chart, ETH was trading at around $394. Checking the charts once again, Ethereum is currently trading at $1,808 which means that Mr. Simmon’s ETH bags are now worth 4.588x more since the initial purchase.

Doing the math, his Ethereum bag has grown to be valued at $1.376 Million with the potential to keep growing if Ethereum can continue with its bullish momentum through the rest of the year.

Ethereum Reclaims $1,800 and Could Test $2k

With respect to price, Ethereum is once again trading above the important $1,800 zone that is key to ETH posting a new all-time high closer to the highly anticipated $2k ceiling. The weekly close is a few hours away and Ethereum could very well remain bullish above this level as the new week kicks in.

To note is that Grayscale has been scooping up a lot of Ethereum since the year began and the momentum could be maintained moving forward. This in turn means that Ethereum could keep climbing to new heights fueled by institutional interest through Grayscale and the CME Ethereum futures contracts.

[Feature image courtesy of @helloimnik via Unsplash.com]

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