Former professional kickboxer Andrew Tate recently shared his thoughts on the current state of the cryptocurrency market in an extensive interview.
Here are some of the key points he covered regarding crypto:
- Introduction to Crypto:
- Tate expressed his intention to introduce himself to the crypto world, acknowledging that many people in the crypto community were already familiar with him. He emphasized his busy schedule and initial reluctance but decided to engage due to significant interest.
- Concerns with Crypto Culture:
- Tate discussed his dissatisfaction with the existing crypto culture. He criticized the culture for being largely about luck, gambling, and deceit, where individuals hide behind anonymity and engage in unethical practices such as rug pulls and scams.
- He mentioned that many people in the crypto space get rich quickly without learning any valuable lessons or improving themselves, which he found problematic.
- Change in Stance on Endorsing Coins:
- Despite previously stating that he would never endorse or launch a crypto coin, Tate has now embraced the crypto space. He explained that his change in stance was driven by the need to prove his influence in the crypto market and to clean up the industry.
- He mentioned his ability to move markets with a single tweet and how he used this power to demonstrate his influence. This led to his decision to take a more active role in the crypto industry by launching Real World Token (RWT).
- Real World Token:
- Tate introduced the concept of the Real World Token, which he plans to launch. He said that this cryptocurrency aims to revolutionize the crypto industry by rewarding hard work, dedication, and genuine effort rather than luck and deceit.
- According to Tate, RWT will be tied to his online educational platform, The Real World, which supposedly teaches people how to make money through hard work and traditional methods, as opposed to the speculative and often unethical practices prevalent in the crypto world.
- Responsible Use of Power:
- Tate emphasized the importance of using his influence responsibly. He acknowledged the immense power he holds in the crypto market and his intention to use it to bring positive change rather than exploiting it for personal gain.
- He discussed the ethical considerations and the responsibility that comes with his ability to affect markets and people’s financial decisions.
In a post on the social media platform X on July 3, crypto influencer Luke Martin weighed in on Tate’s plan to launch RWT. Martin explained that Tate’s token aims to distribute a percentage of profits from his business to the token holders. This innovative approach would, in theory, allow token holders to stake their tokens and receive profits generated by Tate’s business, which is projected to be around $2 million a month.
However, Martin also highlighted a significant risk associated with this model. He noted that while the idea of passing revenues directly to token holders is appealing, it could attract major regulatory scrutiny, particularly from the U.S. SEC. Martin said that scrutiny arises because such a structure is not commonly used due to the potential legal challenges it poses. Martin suggested that Tate’s strategy could either lead to substantial financial gains or result in a lengthy and costly legal battle with the U.S. government,
Andrew Tate announcing his new token $TRW lets you receive percentage of profits from his business.
“If you own 10% of the token, you own 10% of TRW which is $2M a month. You will be able to stake it based on the profit TRW generates.”
In theory – that sounds amazing.… pic.twitter.com/X14LJCB3cX
— Luke Martin (@VentureCoinist) July 3, 2024
Featured Image via YouTube