Celebrity boxer and social media influencer Jake Paul has been tagged broke after investing lots of money in cryptocurrencies. The revelation was made by Logan Paul, Jake’s brother in a recent episode of the Impaulsive podcast.
During the podcast, George Janko and Mike Majlak were full of praise for the American boxer. Both men commended Jake for his exploits in the industry, especially at a very young age. George mentioned that Jake had won every match he has boxed in, and Mike added that the youngster made a whopping $40 million in 2021.
Despite these fantastic records, Logan Paul emphatically stated that Jake is now broke. Logan went on to explain that Jake invested all his money in cryptocurrencies, and a bulk of his investments have been burnt by the crypto market meltdown.
Jake Paul Blames Joe Biden for the Crypto Market Crash
Jake Paul’s tweet on the 12th of June confirms that Logan may just be right. The boxer blamed Joe Biden and his administration for a number of things, most revolving around economic hardships. Jake also mentioned that Joe Biden has a hand in the plummeting crypto prices.
Interestingly, some of his followers did not see any logic in his Tweet and blasted the boxer for having an extreme view.
One user particularly defended Joe Biden, stating that celebrities like Jake who participate in pump and dump crypto projects are the primary problem in the crypto ecosystem.
Another user pointed to the fact that most cryptocurrencies are decentralized and cannot be controlled by the Government.
Still, another user added that Jake lacks insight into the crypto market and does not understand how anything works.
Although neither Jake nor Logan revealed the exact amount the celebrity invested in cryptocurrencies, being absolutely broke with so much influence seems to be an exaggeration. Notably, Jake has established his influence in the media and sporting world. His YouTube channel has over 20 million subscribers and the athlete can still attract collaborations that will rake in millions with his influence and activities.