Bitcoin, the future of global finance and a potential investment, has gained popularity over the past decade. Investors looking to diversify portfolios have been attracted by the meteoric rise of its value. Celebrities are not left out either. This cryptocurrency, dubbed the digital gold by many, has drawn a wide range of celebrities, including actors, musicians and sports stars.
Hollywood has seen some actors show a special interest in blockchain and bitcoin technology. Ashton Kutcher is known for his sitcoms, films and as a tech investor. Kutcher founded A-Grade Investments which invested in BitPay, a Bitcoin payment gateway. Gwyneth, an Academy Award-winning actress, and businesswoman joined the Bitcoin wallet Abra as an adviser during an episode of the Planet of the Apps. Ellen DeGeneres is a famous talk show host who described Bitcoin as “a digital goat”. She said, “You might be wondering, Ellen, how can I store my Bitcoin if I cannot touch it?” A digital purse is a virtual wallet. It’s going to be like having a bunch of goats.”
The crypto-currency world is also attracting musicians. Snoop Dogg’s tweets about cryptocurrency, and specifically Bitcoin, are well-known. In 2013, Snoop Dogg tweeted that his next album would be delivered by drone and available in Bitcoin. 50 Cent, a well-known rapper, accepted bitcoin for his album Animal Ambition and made reportedly 700 bitcoins. He denied ownership of the cryptocurrency in his bankruptcy hearings. Even more recently still, Grammy-nominated musician Logic reportedly bought $6 million worth Bitcoin in 2017.
Sports celebrities have also jumped into the Bitcoin world. Floyd Mayweather was fined for his involvement in promoting a fraudulent Centra Tech ICO. Virat Kohli is India’s top cricketer. He endorsed on Instagram a cryptocurrency startup that was later discovered to be fraudulant. Former England footballer Michael Owen has launched his cryptocurrency. Lionel Messi is promoting a phone that uses blockchain technology.
Celebrities have an enormous influence on their fans, especially when it comes to their interests. The popularity of cryptocurrency can be influenced by their endorsement. Kim Kardashian, reality TV star, social media influencer, and a million-plus follower, posted a story on Instagram in July 2018, holding a Bitcoin. She introduced it with “We moved to Bitcoin!” This example shows the huge influence celebrities can have on public opinion regarding crypto assets.
Celebrities’ endorsements of cryptocurrencies have sometimes caused controversy, due to their influence. Celebrities’ influence may lead to an increased acceptance of cryptocurrencies but it can also promote fraudulence. As a result, some celebrities have been caught in legal traps. Due to the relative novelty and lack of regulation of cryptocurrencies, some cryptocurrencies are only launched in order to defraud their investors. While a celebrity endorsement can boost the profile of a cryptocurrency, it is not a guarantee that its legitimacy.
Celebrities’ involvement in cryptocurrency can be viewed as a testimony to its increasing importance. Bitcoin and blockchain technology, which underpins it, has captured the attention of many in the global finance sphere. Celebrities, who are always on the cutting edge of trends, have also gotten involved in this, either as investors or promoters.
The intersection between celebrities, Bitcoin and other cryptocurrencies is complex. The wide influence and reach of celebrities in popularizing Bitcoins and other cryptocurrencies is a benefit. It also carries the risk of promoting fraudulence, due to the lack of regulation and understanding of the crypto market. If you are a celebrity, or not, it is important to do thorough research on the asset and understand its full potential.