Renowned rapper Drake, known for his lavish lifestyle, recently made substantial Bitcoin bets on NBA and NHL outcomes via Stake, a betting platform he partners with. His $500,000 bet on the Dallas Mavericks to win the NBA championship has turned sour after the team's defeat.
On June 6, Drake shared an Instagram post revealing his bet on the Mavericks, hoping for a $1.375 million payout. Despite Dallas' effort to extend the series with a Game 4 blowout victory, the Boston Celtics sealed their victory in Game 5, claiming their record-breaking 18th NBA championship with a 106-88 win.
Drake faces potential further losses with his $500,000 bet on the Edmonton Oilers in the NHL Stanley Cup Finals. If the Oilers fail to win, he stands to lose another $500,000 in Bitcoin.
Drake's lifestyle, often portrayed in his lyrics, reflects his willingness to bet large sums. His song "I'm Upset" from 2018 references half a million dollars, mirroring his recent bets and showcasing his extravagant spending.
While Drake's partnership with Stake and his global popularity suggest financial stability, losing $500,000 in Bitcoin (potentially $1 million if both bets fail) is significant even for someone of his stature.
Drake's high-profile Bitcoin bets illustrate the growing influence of celebrity culture in the crypto and sports betting realms. The outcome of his NHL bet will determine whether his fortunes improve or he faces additional financial setbacks.
People often look at these phenomena too narrowly, thinking of meme stocks, bitcoin, and meme coins as separate entities. But I think this is a whole new world of online currencies that people are exploring, and people are creating new communities online.
JinseFinance30 million ETH staked, 25% of supply. Lido Finance dominates, sparking decentralization concerns. Surge in validators post-Merge. Shapella upgrade boosts price, Dencun upgrade anticipated for further impact.
Xu LinA trader's multi-million dollar transactions on Dogwifhat led to a significant price surge and subsequent crash, highlighting the risks and challenges associated with trading meme coins in low-liquidity pools on decentralized exchanges. The incident prompts considerations of whether it was a marketing strategy or a cautionary tale about the speculative nature of meme coin trading.
Xu LinRipple, Coinbase invest $78M in 2024 US elections to sway crypto policies
Huang BoHong Kong’s plan to regulate crypto exchanges and allow retail investors to trade digital assets is getting feedback from lawyers who worry proposed rules are too stringent.
TheBlockThe Nvidia Omniverse is launching a series of new tools for creators and developers in digital worlds to make life in the metaverse more realistic.
CointelegraphPredictIt, a crypto and fiat currency gambling platform that enables Americans to wager on who will be elected to Congress ...
BitcoinistAri Paul emphasized that Bitcoin "has a much better chance" than other cryptocurrencies because it has no competitors as a product.
CointelegraphPaul highlighted that Bitcoin has “far better odds” than other cryptocurrencies because it doesn’t have a competitor as a product.
Cointelegraph"Freedom Day means you are free to use your own money to live your best life," said BitcoinZAR, a Bitcoin advocate in South Africa.
Cointelegraph