The term “cryptocurrency”, most notably Bitcoin has recently gained worldwide popularity, gaining interest in all sorts of places that you would not expect. The glitterati, the faces that you see on magazine covers and screens around the world, are among these unanticipated places. Bitcoin, a volatile and controversial digital currency, has become a popular investment among celebrities.
Why do celebrities invest in cryptocurrencies such as Bitcoin? As with any volatile investment, there is the possibility of lucrative returns, but not without significant risk. The secret to Bitcoin’s success could be its libertarian promise to provide a decentralized, unregulated currency that is free of government control and regulation. This appeals to those who are tired of being part of the conventional banking system. Bitcoin is also a symbol of modernity. It allows the user to present a digital and contemporary image that celebrities desire.
Ashton Kutcher is one of many celebrities who have been fascinated by Bitcoin for a long time. A-Grade Investments, the venture capital firm of ‘That ’70s Show’ actor Ashton Kutcher, invested in BitPay, a Bitcoin payment gateway. Kutcher has a long history of investing in tech companies, including Airbnb, Spotify and Uber. His interest in Bitcoin goes beyond a purely monetary one. He has argued on several occasions that Bitcoin could upset the power balance in the world and do away with traditional banking systems.
Mark Cuban , a Shark Tank star and outspoken businessman, was at first a Bitcoin skeptic. He called it a “bubble”. He has since changed his mind and encouraged his Twitter followers and fans to invest in crypto. He now invests in Bitcoin and has also integrated cryptocurrency into his NBA team The Dallas Mavericks’ business model, which accepts Bitcoin for tickets and merchandise.
Kanye West , a rapper who is no stranger to controversy, has expressed an interest in Bitcoin. Kanye West, who was quoted as saying that Bitcoin was “the internet equivalent of gold,” seemed to be attracted by the decentralization element. The project was eventually abandoned after a trademark dispute. Although Kanye’s engagement was less about direct investments and more about creating his own currency “Coinye West”, it has been less about his engagement.
Lindsay Lohan is one of the celebrities who have jumped on the bitcoin bandwagon. She sold her Ethereum-based NFT (a type of crypto-asset) for more than $50,000 on 10th February 2021. Then there is the famous actress and singer Madonna who worked with Ripple in 2018 to raise money for her charity “Raising Malawi”. Ripple donated cryptocurrency to the month-long fundraising campaign.
Game of Thrones star Maisie William surveyed her Twitter followers on whether they bought Bitcoin or other cryptocurrencies. Mike Tyson is probably the most outspoken Bitcoin evangelist. The former boxer sponsored a Bitcoin wallet, and brought Bitcoin ATMs into Las Vegas.
Bitcoin is not for everyone. Despite its allure, it’s a very risky investment. Not everyone will come out of it unscathed. Bitcoin investment has not been a safe bet for celebrities. The rapper 50 Cent made $8 million by accepting Bitcoins as payment for his 2014 album. He later admitted that he had never owned Bitcoins in bankruptcy proceedings, sparking controversy about the extent of celebrity Bitcoin investment.
The sense of pioneering is what ties all these celebrity engagements together. They have all dominated in their respective fields of fame and they are eager to carve their niches within the cryptocurrency world. Some celebrities are just dipping their toes in the cryptocurrency waters, while others dive in headfirst. These celebrities, in either case, are helping to bring mainstream awareness to a technology which, until recently was confined to tech geeks and finance wizards.
Bitcoin is more than just a new investment. Bitcoin is a political statement on the need for decentralization, as well as a symbol of embracing the future. It’s clear that cryptocurrency has become mainstream with celebrities like Justin Bieber and others backing it. Bitcoin and celebrities, despite the volatility and controversies, have created a fascinating partnership that has leveraged both the popularity and the potential of an apparently complex digital financial asset.