According to his brother Logan Paul, Jake Paul is now ‘poor’ due to the recent Bitcoin wipe out.
Last year, Jake Paul earned $36 million from boxing bouts. He chose to invest a large percent of that money into cryptocurrency.
Following a recent market crisis, the world’s most valuable currency, Bitcoin, has dropped by 25%. The currency is now trading at its lowest price in 18 months. Due to ‘extreme market circumstances,’ Bitcoin halted all withdrawals earlier this week.
Jake’s elder brother, Logan Paul disclosed some interesting facts in the most recent episode of ‘imPaulsive.’
When asked about Jake’s boxing career and the money he earned in the previous several years, Logan said, “It doesn’t matter, he put it all in crypto! He’s poor!”
Jake Paul recently turned to Twitter to criticize US Vice President Joe Biden on the country’s current economic situation. One of the topics he brought up was the cryptocurrency market meltdown. However, the cryptocurrency drop has nothing to do with President Joe Biden.
Cryptocurrency is unregulated and not under the jurisdiction of any government. Even still, Jake Paul continued to voice his emotions against Biden.
Jake Paul said: “Biden accomplishments. Number one, highest gas prices. Number two, worst inflation.”
“Number three, plummeting crypto prices. Number four, highest rent prices ever. Number five, created new incomprehensible language.”
“If you’re reading this and voted for Biden and you still don’t regret it then you are the American problem.”
Jake Paul currently has a record of 5-0 in boxing. He most recently defeated Tyron Woodley by knockout.
Jake is scheduled to return to the ring in August, against old nemesis Tommy Fury. John Fury, Tommy’s father, recently acknowledged that conversations regarding the fight have begun.
The fight was originally intended to take place in December. However, Tommy Fury was forced to withdraw due to injury.