The prominent YouTube star KSI belongs to the group of crypto investors who made and lost a lot of money in the last Bitcoin (BTC) crash. However, the most recent interview from the UK-based influencer showed his continued support and belief in the Bitcoin ecosystem.
In response to the hypothetical question “if you were Prime Minister,” KSI – aka Olajide Olayinka Williams “JJ” Olatunji – shared his interest in “giving every bitcoin worth £ 100” in the form of a stimulus package. Claiming to support the crypto ecosystem, KSI said:
“I think Bitcoin is the future. It will definitely be long term, but ten years from now the people who have invested will be laughing. “
The YouTuber also contrasted the ongoing inflation of the fiat currency with the price of Bitcoin due to the traditional practice of printing money. He further reiterated this claim by stating that “you cannot increase the amount of Bitcoin and it has value”.
KSI had previously invested £ 2 million ($ 2.7 million) in cryptocurrencies, including Bitcoin, which at its peak grew to £ 7 million ($ 9.74 million). When disclosing the incident, however, he claimed to have lost everything as the digital assets “were liquidated because of the Bitcoin crash”. He added:
“This is a long haul thing and I’m here for the trip.”
The influencer also stated that the general public cannot foresee Bitcoin’s growth potential and is pursuing an “entry and exit strategy”. Recalling its previous crypto investments, KSI claims to have a full understanding of the crypto space and blames “excessive leverage” as the main cause of its losses.
Related: FTX reduces the maximum leverage from 101x to 20x to encourage “responsible trading”
Crypto exchanges around the world have stepped up to change the narrative of cryptocurrencies as a risky trade. One of the first steps in this direction was to drastically reduce leveraged trading. According to the report from Cointelegraph, the well-known crypto exchange FTX announced a plan to curb risky trading by reducing the maximum leverage to 20x, which is a decrease of more than 80%.
Using the pretext of responsible trading, FTX CEO and crypto billionaire Sam Bankman-Fried claimed that high leverage causes traders to lose their crypto assets on their first trades. Following this example, other crypto exchanges like Huobi Global have recently introduced restrictions on greater leverage. Binance has also imposed a 20x leverage limit on its new users and plans to make this the norm for existing users in the future.