Best Cryptocurrency to Invest In?
If you want to know the best cryptocurrency to invest in, should you really ask a celebrity?
The popularity of cryptocurrencies has seen many celebrities embrace them. Some celebrities choose only to promote the coins, while others have taken the bold step of investing in the coins.
Matt Damon, Reese Witherspoon, and Kim Kardashian are a few celebrities promoting different cryptocurrencies. Floyd Mayweather, Kanye West, and Paris Hilton are some celebrities who have already invested in various cryptocurrencies.
Celebrities in the Crypto Market
Celebrities, like everyone, are allowed to invest in whichever asset they wish. However, their involvement in the crypto space has solicited different reactions from different people.
Some people believe celebrities’ involvement in the crypto market is good. They can help grow the market by influencing people to join it.
Other people look at celebrities in the crypto space as bad, especially those only promoting the coins and not investing in them.
Using their popularity and influence, celebs and social media influencers can easily mislead their fans into investing in the wrong cryptocurrency.
For example, according to a lawsuit filed in California, Kim Kardashian, Floyd Mayweather, and former NBA star Paul Piece are celebrities accused of using their fame to promote a little-known cryptocurrency called EthereumMax as part of a large scheme to defraud investors while profiting.
Celebrities Influencing Crypto Investment
He tweeted on February 4, 2021: "Dogecoin is the people's crypto". The tweet increased Dogecoin's price by 10% within an hour and 50% within a day.
On April 28, 2021, Elon tweeted: "The Dogefather." The tweet, alongside the endorsement of billionaire investor Mark Cuban, increased Dogecoin prices by 30%.
In the case of Bitcoin, in March 2021, Elon tweeted: "You can now buy a Tesla with Bitcoin". The tweet enabled Bitcoin to reach nearly $65,000 within a month. In June 2021, Elon tweeted that he had fallen out of love with Bitcoin. The tweet sent Bitcoin price plummeting by 4%.
Even in 2022, Elon Musk's tweets continue to affect the crypto market. Because of his influence, many people await his tweets to make crypto investment moves.
Gwyneth Paltrow, Paris Hilton, Mike Tyson, and Tom Brady are other celebrities who have tweeted promoting various cryptocurrencies.
Fake Celebrity Endorsement
Scammers have also taken advantage of the increase of celebrities in the crypto market. Some scammers use celebrity images and names to promote fake coins to unsuspecting people.
Before clicking on that pop-up ad, it's always best to do further research to know if the celebrity on the ad promotes the cryptocurrency or crypto platform.
Facebook is currently in trouble for allowing fake celebrity endorsement posts using pictures of TV stars to promote crypto scams. A lawsuit against Meta, Facebook's parent company, claims the company was aware of the fake ads but didn't take any action.
Celebrity involvement in the crypto space has its pros and cons. However, a celebrity endorsement of a particular cryptocurrency should never be why you invest in the coin. The best cryptocurrency for you to choose to invest in is one you've researched and are confident about.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.