The cryptocurrency world is no stranger to celebrities — over the years, public figures have touted their investment in various digital currencies.. With the crypto’s popularity growing rapidly, celebrities are recognising its potential and have started exploring the cryptocurrency ecosystem despite its known volatility.
But first, let’s get you up to speed by explaining what cryptocurrency is because many people are talking about it but few understand its core concepts. According to the Bitcode Method site, cryptocurrency is a digital currency; it is decentralised meaning it is not controlled by financial institutions like banks or the government. Commonly called crypto, it runs on the blockchain which is a digital ledger of transactions that verifies respective currency investors. Every type of crypto, such as bitcoin, Ethereum, and Litecoin, to name a few, has its own blockchain which is maintained by independent operators. Breaking down crypto can get complex, but a simple fact is that crypto has become a valuable commodity like oil or gold to buy and sell.
Celebrities have a huge influence on society and individuals’ opinions and thinking, so their advocacy for something like the value of investing in cryptocurrency has the potential to convert a large sector of people. In a marketplace where there are literally hundreds of choices, having celebrities talking and posting about crypto helps lure them in. A few influential celebs actively speaking about cryptocurrencies include:
Elon Musk, the founder and CEO of Tesla, is the greatest promoter of crypto. He tweeted: “As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high. I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw!”
Rafaela Rigo, an expert in real estate, advised her followers: “FIRST LESSON IN CRYPTO SHOULD BE 1.What is a Wave? A pressure form that goes Up & Down 2. How does it work? It goes Up & Down until it reaches Top, and Down & Up until it reaches Bottom Made for a 5yrs old, but is honestly the primary lesson one needs to understand the market.”
Layah Heilpern is an author of Understanding Bitcoin and a media personality. She recently stated that “the lower bitcoin goes, the more I’m buying.”
Mike Tyson, a boxing legend, is no stranger to the list. He has always been very vocal about his involvement in the crypto space. “All in on Solana… just copped a Catalina Whale…pow pow!”
These are just a few celebrities who post about cryptocurrency. Aside from the rich and famous, there are also several prominent figures that have transitioned to the world of crypto. Recently there has been talk about Jim Messina, one of Barack Obama’s advisers during his presidency in the USA, who is getting involved in multiple crypto platforms. Former Acting Comptroller of the Currency, Brian Brooks, is now the CEO of the bitcoin mining firm, Bitfury Group.
The cryptocurrency world has a lot of influential people who continue to share information about the rapid growth of crypto. However, with that being said, one needs to do research before getting into the crypto world. Crypto sceptics say that it is very risky and that celebrities are taking their followers for a ride and that the dramatic market instability raises a lot of questions regarding the digital currency’s long-term value. It is advisable that one does their research before dipping their toes in the crypto world as it is very volatile. An understanding of how the market works will help in the decision-making of which crypto to get involved.