American YouTube sensation Logan Paul said that his brother Jake Paul has become “poor” after a huge crash in the cryptocurrency market. The Youtuber turned boxer Jake Paul gained a massive total of $36 million from his fights.
According to a report published by Sportico, Jake Paul was ranked as the third highest-paid boxer last year, only behind Canelo Alvarez and Tyson Fury. The American is an avid investor, particularly in bitcoin. It suggests that the Youtuber might have suffered some serious losses as the cryptocurrency and stock markets crashed in recent days.
Bitcoin has dropped by 25%, as a result of the latest market crisis, and it is now trading at its lowest price in 18 months. Extreme conditions have forced companies like Coinbase to fire 18% of their staff in order to incur losses.
In his recent Youtube Podcast ‘ImPaulsive’, Logan said “It doesn’t matter. Jake has put it all in crypto. He’s poor now.”
Logan admitted that he himself lost $500,000 after the crash and joked that his brother Jake had also suffered losses despite his recent profits before calling him “poor”.
Jake recently turned to Twitter to criticise the United States President Joe Biden on the country’s poor economic situation. One of the issues he brought up was the cryptocurrency market meltdown, which actually has nothing to do with Biden as cryptocurrency is not controlled by any political force.
The 25-year-old boxer tweeted: “Biden accomplishments: Number one, highest gas prices. Number two, is the worst inflation. Number three, plummeting crypto prices. Number four, highest rent prices ever. Number five created new incomprehensible language.”
Jake Paul has won all his fights till now and is expected to fight arch-rival, Tommy Fury. The match is expected to be scheduled in the month of August. In his last fight back in December 2021, Jake put up an impressive performance and knocked out Tyron Woodley.
“Hate me all you want… I’m just gonna prove you wrong. Next stop August 13th.”, Jake said on Twitter. The American YouTuber might have suffered huge losses in the crypto market but inside the ring, he is yet to taste defeat. He will be hoping to continue his impressive winning streak when he takes on Love Island sensation, Tommy Fury.