According to Jake Paul’s older brother, the social media personality and professional boxer is officially broke after pouring all of his money into cryptocurrency.
If you’ve been living under a rock recently, in the past couple of months, the crypto market took a nosedive. According to Forbes, Bitcoin crashed to $20,000 this week, its lowest point since December of 2020.
Bitcoin’s decline has affected other digital currencies down with it, and many techbro investors are feeling the losses, including Jake Paul.
Jake’s brother Logan revealed that Jake was “broke” on a recent episode of his podcast, Impaulsive.
The 27-year-old used air quotes when discussing Jake’s “boxing career” on air, and his co-hosts George Janko and Mike Majlak tried to defend the professional boxer to his brother, citing the money he made from each of his fights.
Janko said, “It’s going pretty well, he’s won every fight he’s done.” Mike jumped in, adding, “He made like $40 million last year.”
“It doesn’t matter, he put it all in crypto… he’s poor,” Logan jabbed back at their comments.
Logan’s statement is likely hyperbole, since Jake is one of the top ten highest-paid athletes under 25, including the money he makes from his YouTube channel (with 20.4 million subscribers) and other projects.
That being said, Jake has been very vocal about investing in crypto, and so it comes as no surprise that he lost a significant amount of money in the most recent months.
Recently, Jake took to Twitter to rant about President Biden and blame him for things out of his control.
1. Highest gas prices
2. Worst inflation
3. Plummeting crypto prices
4. Highest rent prices ever
5. Created new incomprehensible language”
Jake added at the end of the tweet, “If you’re reading this and voted for Biden and you still don’t regret it then you are the American problem.”