Lil Baby, a renowned American Rapper, admitted to losing millions in crypto investments during a recent interview.
Grammy-nominated artist Lil Baby revealed his losses during a discussion with music journalist Sway on his radio program Sway’s Universe. The discussion largely focused on how the young rapper had matured since rising to fame.
In addition to being a good father, Lil Baby also expressed a desire to become a successful businessman.
Lil Baby on Crypto: Learning from Bad Investments
Recalling previous investments he had made that were not successful, Sway then asked Lil Baby whether he had similar experiences. While the younger rapper expressed his confidence towards investing, describing it as a safer form of gambling, he admitted that it was a learning process.
“I actually lost millions investing in crypto,” Lil Baby told Sway. “I made money in crypto before I lost it.” Pressed about his current approach to crypto, he said he was “on the back end now.” Despite having his own crypto team, he said their undeterred faith in the technology had not convinced him personally. “I’m not sure what’s going to happen with it,” the americn rapper concluded.
Celebrity NFT Losses
Lil Baby is not the only celebrity to have been burned by bad cryptocurrency investments. While many celebrities were able to prosper during the boom in non-fungible tokens, others cashed out a bit too late.
Earlier this week, Brazilian football star Neymar realized a loss of $700,000 on NFTs he purchased earlier this year. In January, the Paris St-Germain forward purchased a pair of Bored Ape Yacht Club NFTs for roughly $1 million.
Neymar even sported one of them as the profile picture on his Twitter account.
Several other celebrities who had bought into the BAYC-mania earlier this year saw their investments depreciate significantly. These include pop star Madonna and rappers Eminem and Snoop Dogg, who featured BAYC avatars in a release earlier this year.
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