Interest in cryptocurrency is growing rapidly, with younger generations – namely, Gen Z and Millennials – leading older generations in their adoption and use of the technology, as they have the right skills and intuitive knowledge. Despite this burgeoning interest, most people are still scratching the surface of cryptocurrency, which is, at the same time, simple and complex. Promotion increases the likelihood of future participation in the cryptocurrency market, and celebrity endorsements extend beyond traditional financial decision-making to the new asset class.
Ever since the early days, celebrities have been able to monetize their social media profiles, but advertisements were seldom for products that were financial in nature. They’re high-profile personalities, and people are more likely to engage with a product or a service endorsed by a celebrity (or influencer) they already admire. Elon Musk, the billionaire and head of several companies, is closely associated with Bitcoin, yet has made several comments about Ethereum, saying it has its merits. If you check out the ETH price chart, you’ll see it’s true. Apropos, crypto exchanges facilitate buying, selling, and trading crypto.
Public Interest In Crypto Spiked With The Arrival Of ETFs
The level of public engagement increased significantly in 2024 with the launch of spot ETFs. On January 10, the SEC approved the introduction of the very first exchange-traded products that offer liquid access to the largest cryptocurrency, a move that has been received with enthusiasm in the financial market, empowering investors and portfolio managers to get exposure to Bitcoin without taking the extra steps required in purchasing BTC from exchanges. The US supervisory authority granted approval for Ethereum ETFs as well, a decision that came after a year-long process.
Cryptocurrency has moved from a niche asset class for a few investors to a broad asset class accessible to mainstream and new adopters. The biggest driver of owning and using cryptocurrency is taking part in the financial way of the future, which involves a fast-paced architecture that’s changing how companies and people use cash, borrow, transact, and secure returns. The remaining non-owners are split between fully unengaged and a small group of skeptics who have taken steps to learn more.
Celebs That Are Involved In The Crypto Space
The world of cryptocurrency draws in an ever-increasing number of famous names, including but not limited to:
Snoop Dogg
The American rapper, singer, songwriter, record producer, and media personality has been active in the non-fungible (NFT) space, mostly in 2021 when he released his first collection- A journey with the Dogg – with some sales proceeds going towards emerging artists in the Web3 space. He even teased the launch of the first record label in the metaverse. At any rate, Snoop Dogg’s NFTs are reportedly worth more than $17 million and include CryptoPunks, the Bored Ape Yacht Club, and Meebits. As part of the rapper’s partnership with Sandbox, he got his own space in the Snoopverse.
Lionel Messi
The Argentine professional footballer, who now has a contract with Inter Miami, promoted a Solana-based memecoin on his Instagram account. WATER was designed to raise awareness and donations for clean water, which means it has a net-positive impact on the real world, striving to improve it. Tokens can be staked to earn rewards, meaning the WATER is iced. If the WATER is heated, it disappears, that is, the tokens are burned to reduce the overall supply. Getting back on topic, Messi has launched his own collection of NFTs, part of the Messiverse, and it’s art created with his image.
Jimmy Fallon
The former cast member on Saturday Night Live can’t stop talking about cryptocurrency. Jimmy Fallon is one of the core holders in the Bored Ape Yacht Club, a collection of NFTs on the Ethereum blockchain that’s worth millions of dollars, and joins a long list of celebrities, such as Tom Brady, Snoop Dogg, and Stephen Curry. The price of an NFT collection is subject to hype, so if other people see big names in the NFT space buying into a collection, it makes it desirable. And yes, that’s what happened with Jimmy Fallon.
Post Malone
The Grammy-nominated musician has openly criticized the idea of a United States Central Bank Digital Currency (CBDC), which is considered a form of legal tender that can be exchanged for goods and services. Post Malone described it as a form of government control, an anathema to a free society. The pop star with powerful singles acquired two Bored Ape Yacht Club NFTs that have been featured in the music video for the song One Right Now with The Weeknd. The Bored Ape Yacht Club is one of the most successful NFT projects because they’re tickets to a completely different lifestyle.
Elon Musk
And last but certainly not least, there’s Elon Musk. His automotive and clean energy company, Tesla, owns roughly 10,000 Bitcoins and accepts cryptocurrency as a payment in exchange for its services. The CEO of the private space company SpaceX personally owns Bitcoin, Ethereum, and Dogecoin, sparking speculation that the X platform could integrate crypto to allow merchants to pay their customers. What is more, there have been rumors of potential collaborations between Musk’s companies and the Ethereum network due to his influence in the DeFi space, constantly pushing the boundaries for innovation.
At The End Of The Day, Doing Your Homework Is Crucial
People are more likely to trust cryptocurrency if it’s endorsed by a celebrity, yet it can take attention away from what matters the most: doing your own homework. Making uninformed financial decisions has consequences that are profound and long-lasting, and for this reason, it’s critical to be aware of the risks involved. Here are some things to do to protect yourself:
- Read the whitepaper to understand how the technology works, how the tokenomics works, and how developers/users are incentivized.
- Talk to people enthusiastic about the project on social media, Discord servers, and message groups.
- Make a few transactions and see if the DeFi platform is quick, affordable, or easy to complete. The smart contracts should be both public and audited by respected industry professionals whose job is to understand security vulnerabilities.
Carefully study and understand the fundamentals before investing.
