Over the years, crypto has gained mainstream recognition and has become popular. More and more people are holding and investing in cryptocurrencies. To an extent that even celebrities are seeing their potential in the world of crypto. Even though cryptocurrencies like Bitcoin and Ethereum have plunged in recent months, some celebrities are encouraging people to invest in them.
Recently, Binance announced an exclusive partnership with Portuguese football legend Cristiano Ronaldo. The famous footballer has joined the forces with Binance to provide a one-of-a-kind experience for football fans around the world with a series of NFT collections that will be launched exclusively on Binance’s official NFT platform. Moreover, registered Binance users in select countries will also be able to purchase the collections using Binance Pay.
Proud to be partnering with @binance— Cristiano Ronaldo (@Cristiano) June 23, 2022
Together we’ll give you the opportunity to own an iconic piece of sports history.
I’m excited to take this journey with all of you. Let’s change the NFT game with #Binance. pic.twitter.com/SNSCMHggct
Similarly, many A-listed celebrities have made the crypto jump, right from actors to legendary boxers. Here are a few ( out of many) who have taken steps towards crypto.
- Jamie Foxx – Earlier in 2017, actor Jamie Foxx was one of the celebrity endorsers of crypto. He had promoted the token sale of Cobinhood, a free cryptocurrency trading exchange.
- Akon – Akon has been setting trends since his debut album in 2003 and the singer did it again with his cryptocurrency, Akoin. The R&B artist had mentioned that concerns over his native country of Senegal’s currency forced him to explore alternatives with cryptocurrencies. The Akoin token was launched on top of the Stellar (XLM) network and held in both Stellar and Akoin wallets. It also has a digital wallet and an integrated eco-system of DApps.
- Snoop Dogg – Another singer that makes it to the list is legendary rapper Snoop Dogg. The rapper has even sold one of his albums for Bitcoin. The “Gin and Juice” rapper had sold his 2013 album for 0.3 BTC per copy. Snoop had even reached out to Coinbase for collaboration in 2013, by tweeting them. Moreover, Snoop Dogg has also launched an NFT coloration with an exclusive metaverse project.
- Kim Kardashian – In an Instagram post last summer, the ever-so-popular Kim Kardashian had asked her 250 million followers: “Are you guys into crypto?” just before drawing their attention to a not-so-popular token called EthereumMax. The reality TV star had also added a swipe-up option on her post that had redirected interested people to “join the EMAX community. The promotion is now the subject of a lawsuit as the endorsement was a profiting scheme by Kardashian and where other celebrities were also involved.
- Floyd Mayweather – Similarly, boxing champion Floyd Mayweather was also accused of using his fame for a little-known cryptocurrency called EthereumMax as part of a larger profiting scheme. In 2018, the Securities and Exchange Commission had charged Floyd Mayweather as he had failed to disclose payments that he had received for promoting investments in initial coin offerings.
- Gwyneth Paltrow – An Academy Award-winning actress was the face of Bitcoin in 2017. Later, Gwyneth Paltrow was offered a $500,000 bitcoin giveaway to her 2.7 million Twitter followers. The announcement came after she participated in a $200 million debt and equity financing round for the crypto mining company TeraWulf, which aims to produce bitcoin using 100 percent zero-carbon energy.
- Elon Musk – The founder and CEO of Tesla is by far the greatest promoter of the cryptocurrency making him one of the biggest influencers of the crypto market as well.
- Paris Hilton – Paris Hilton has been repeatedly expressing her interest in digital assets. She even went ahead to hold events in the metaverse. Hilton has also previously endorsed NFTs on “The Tonight Show Starring Jimmy Fallon.”
- Matt Damon – Earlier this year, the Oscar-winning movie star Matt Damon was the poster boy in a global advertising campaign rolled out by Crypto.com. The commercial became the subject of scrutiny over concerns that Matt’s missive in the clip was encouraging young investors to put money into high-risk crypto assets.
- Tom Brady – Tom has actively promoted crypto on his social media accounts. In September last year, he and his wife, supermodel Gisele Bündchen, starred in a $20 million ad campaign for crypto exchange FTX.
It’s a love and hate relationship
Cryptocurrencies have their fair share of admirers but it has got many popular detractors too. Though many are in favor and support of digital currencies, there are public figures like Warren Buffett, Jamie Dimon, Paul Krugman, Charles Munger, and Howard Marks, who have been vocal about their opposing or rather different views for the same.
Rise of crypto scams
These days scammers are leveraging celebrity influence to target investors. For instance, BrandShield which is a cybersecurity company that specializes in detecting and removing online threats has noticed that celebrities like Matt Damon, Kim Kardashian, Paris Hilton, and Tom Brady are among the most impersonated personalities on social media. Moreover, projects have falsely advertised using their NFT collections.
However, celebrities have an influence on a multimillion audience including offline and online. They hold the potential to spread knowledge about crypto. These celebs are aware of the market risks involved in these digital assets. But should they be accountable for the risks they promote, is quite debatable. Or as they say, it’s all fair in love and war.