Bitcoin (BTC) up 7% after Adidas cuts ties with Kanye West by DailyCoin

Adidas, one of the world’s leading streetwear and sportswear brands, has officially cut controversial hip-hop artist Kanye West from his multi-million sponsorship deal with them. West, also known as Ye, had a wild month altogether, after being kicked out of JP Morgan while wearing a Satoshi Nakamoto hat. In the official public announcement, the fashion powerhouse confirmed that “Adidas (OTC:) will discontinue the Adidas Yeezy business effective immediately.”

Adidas has cut ties with Kanye West “The company has made the decision to end its partnership with Ye immediately, stop production of Yeezy-branded products and stop all payments to Ye and his companies. Adidas will cease the Adidas Yeezy business with immediate effect.” pic.twitter.com/4sLtc7bEwO

— Dexerto (@Dexerto) October 25, 2022

Kanye West’s ties to the crypto world

It was no accident that you rocked the Satoshi Nakamoto hat. The mysterious founder of BTC has gone with the wind, putting the real meaning behind decentralization in the top crypto asset. The anti-Semitism controversy has seen Ye lose access to his Twitter and Instagram accounts, and not for the first time.

Earlier this month, West was banned from Twitter and Instagram. He then shared a photo with IT mogul Mark Zuckerberg, suggesting the two were friends. As if that wasn’t enough, Elon ‘The Dogefather’ Musk wrote a warm welcome message to Ye on October 8, 2022.

Welcome back to Twitter, my friend!

— Elon Musk (@elonmusk) October 8, 2022

BTC price Back on track

While the reckless bears are slowly retreating, the top crypto asset BTC is enjoying a 7% daily gain. At press time, the basic cryptocurrency is trading at $20,665.31, according to CoinGecko. Furthermore, the latest price movement inspired a 10% growth for BTC in monthly terms.

As Crypto Fear and Greed Index showing 33, which is marginally above the numbers seen in the last two months, the bullish sentiment is likely to provide more opportunities for retail trading.

With Ye agreeing to buy the crypto-friendly Parler, it is highly likely that Kanye will drop an NFT collection, as he filed documents for 17 NFT trademarks back in June. Although the scandal-hit star publicly condemned NFTs earlier this year, Ye may still follow Donald Trump’s example. The former president used Parler to distribute 250 Trumpian NFTs to his supporters.

Kanye fans have that kind of cryptobro NFT faith in this man https://t.co/QNws1QjRZH

— Jameson (@Blueninja658) October 26, 2022

On the other side

• Some crypto enthusiasts believe that Yes’ switch to a crypto-friendly approach is just a publicity stunt.
• BTC is still down 67.5% compared to its market price a year ago.
• George Floyd’s family sued Ye for $250 million for spreading false information about the highly publicized murder case.

Why you should care

Kanye’s recent controversy has opened up several important social issues. The crowd on Twitter is weighing whether Kanye West would be treated the same way by JP Morgan if he were, say, Bill Gates. This actually shows the lack of objectivity in the central banking system.

Read the latest news on Bitcoin’s adoption:

Survey: 77% of Salvadorans say government spending on (BTC) should stop

Crypto industry more attractive to investors due to regulatory measures

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