Logic Celebrates Huge Profits From $2M Cryptocurrency Investment

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Cryptocurrency has become a pop culture craze for millennials and Generation Z, providing another outlet to build wealth and learn financial literacy with more options to navigate the financial system.

Rappers are getting involved, too. Logic took to Twitter on Wednesday (October 13) to celebrate his wins after investing $2 million into Ethereum when it was just $1,400 an Ether.

“Put $2M in ETH at $1,400  it’s only going up baby! #Crypto,” he wrote while giving himself a pat on the back.

As of press time on Thursday (October 14), one Ether costs just under $3,800, meaning Logic would’ve more than doubled his investment. Ethereum reached a high of over $4,000 in May.

Ether is second to Bitcoin (which Logic plunged $6 million into while screaming out “YOLO” last November) in market capitalization. The cryptocurrency serves as an open-source blockchain and was originally launched in 2013 by Vitalik Buterin. Labels are now introducing the idea of paying their artists in cryptocurrency as an option for their rosters of artists.

Steve Stoute’s distribution company UnitedMasters recently teamed with Coinbase to give their artists all of the proper resources in crypto to make them knowledgeable in the field and allow them the option to be paid in the cryptocurrency of their choice.

“[The goal is] to create more financial opportunities, equity and transparency to the dedicated, rising musicians utilizing our platform and to level the playing field so that they can stay independent and in control of their respective futures,” UnitedMasters relayed in a statement.

Watch Steve Stoute speak on the deal during an interview with CNBC below.