For better or worse, people around the world look up to a wide variety of different types of celebrities. In many cases, this admiration can be exploit by companies. Companies who are trying to push their products and services onto the public. There is nothing necessarily wrong with celebrities taking endorsement deals. However, an extra bit of caution needs to be taken when it comes to the crypto space. It can be fun to follow the lives of the rich and famous.
In many cases, celebrities that involve themselves in crypto projects are being paid for that involvement. There are eve cases where payment has not been is not in disclose. Indeed, a variety of celebrities have been involve in the promotion of projects. Projects that were eventually found in the crosshairs of various financial regulators around the world. It is usually best to do your own research when it comes to crypto. Let’s take a look at some of the biggest celebrities that are involved in this emerging technology.
Elon Musk in Crypto
Business magnate Elon Musk became one of the most important players in the entire cryptocurrency space back in early 2021. His early involvements in the space mostly revolve around the Dogecoin memes on Twitter. However, things got much more serious once bitcoin was in addition to the Tesla balance sheet. Musk is one of the more controversial players in the entire crypto space due to his heavy influence on the markets.
The CEO often tweets in realtion to a specific crypto asset. It usually results in the price of that particular asset moving. This is especially true when it comes to Dogecoin. This is as that cryptocurrency has relatively low trading volume and liquidity. That said, his influence on crypto prices can even be seen in assets as large as bitcoin. For now, it’s clear that Dogecoin is Musk’s main focus when it comes to the crypto space. Although Tesla has sold much of its bitcoin, it does still hold some of the world’s largest cryptocurrency on its balance sheet. That said, Tesla’s online store for merch and accessories accepts Dogecoin for payments.
Floyd Mayweather in Crypto
Legendary boxer Floyd Mayweather has become a somewhat controversial figure in the crypto space due to his support for some less than savory crypto projects. However, that is an expectation from one of the most polarizing athletes of all time. During the initial coin offering (ICO) hysteria of 2017, Mayweather lent his support to a project known as Centra, which the U.S. Securities and Exchange Commission eventually declared a fraud.
Mayweather was not the only celebrity caught up in this scheme, as music mogul DJ Khaled also got caught up in the scam. Of course, it’s unclear if his relationship with Centra did much damage to his public image, as the crypto space was still small at the time and Mayweather could simply claim ignorance about the scam. Mayweather’s next big moment in the crypto space came in 2021 when he appeared at the yearly Bitcoin Conference.
For those who remember, this was an event that had strict rules regarding the sorts of projects that could be in promotion. In other words, the event organizers did not want Mayweather to give attention to another Centra-esque scam project. In classic Mayweather style, the boxer showed up wearing an Ethereum Max shirt. Ethereum Max was a short-lived project that was clearly a fly-by-night attempt to use celebrities in an effort to scam money out of the general public during another manic time in the crypto markets.
While the event organizers were able to convince Mayweather to remove the Ethereum Max shirt before he took the stage, he commented that there was plenty of room for competition with bitcoin in the crypto space. Of course, the very pro-bitcoin responded to Mayweather’s comments with a chorus of boos.
Although it will come as a major surprise to some who haven’t kept tabs on actor Ashton Kutcher’s personal life over the years, the That 70’s Show star has been publicly promoting bitcoin since 2013. It’s unclear how much bitcoin Kutcher bought at the time, but he noted that the many hacks that had taken place in the bitcoin space pointed to the crypto asset’s underlying value. Additionally, Kutcher saw the digital money’s use in darknet markets as a sign that this was something real and different from other forms of online finance.
His wife, star Mila Kunis, did warn Kutcher against an investment in bitcoin. However, he did not listen to this warning. Kutcher also sees the underlying blockchain technology behind bitcoin as a much bigger innovation than the cryptocurrency itself. For that reason, it should come as no surprise that Kutcher has made other investments in the space as well. Kutcher infamously appear on The Ellen DeGeneres Show back in 2018. This was to make a $4 million donation on behalf of Ripple to DeGeneres’s Ellen Degeneres Wildlife Fund.
The donation brought DeGeneres to tears. Many critics saw the move as a way for Ripple, a crypto, to promote their XRP token. Especially on one of the largest daytime programs in the United States. One should note that Kutcher is an investor in Ripple. More recently, Kutcher has taken a deep dive into the non-fungible token (NFT) space. This is with the creation of a new web series called Stoner Cats. This which also stars Kunis and Ethereum creator Vitalik Buterin.
Viewers of the show will need to purchase NFTs related to the show to watch it. This is in stark contrast to how most content is in monetization these days. This which is usually done through direct sales, subscriptions, or advertisements. Other stars who involve with the project include Jane Fonda, Chris Rock, and Seth MacFarlane.
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