With cryptocurrency becoming so mainstream, we’re hearing more and more about celebrity investors and their involvement. Of course we’ve all heard of Bill Gates and Richard Branson. These are just a couple of big names involved in the crypto world. Despite the opinions of many skeptics, such as Warren Buffet, these guys came out and announced their strong beliefs in cryptocurrency and it’s future right as this crypto craze began. At one point Bill Gates even stated that Bitcoin is “the future of money” and “better than currency.” Though these are huge names, you’ll be surprised at the numerous other well-known celebrities involved in cryptocurrency today.
Just last week it was announced that Robinhood, a mobile trading app, went live with their zero-fee Bitcoin & Ethereum trading in five US states. And guess who have been it’s big-time backers since 2014? Rappers Nas and Snoop Dogg. It was even announced by Jay-Z’s venture firm “Arrive” that he would be investing in Robinhood along with them. It has also been said that actor Jared Leto and hedge fund manager Howard Lindzon put money behind Robinhood.
Besides the few mentioned above, there’s an endless list of celebrity cryptocurrency enthusiasts ranging from musicians to athletes. Here are just a few of them:
Mike Tyson, former professional boxer
In 2015 he launched the first 100 Bitcoin ATM’s in Las Vegas, NV, called “The Mike Tyson Bitcoin ATM”
In 2016 he launched a digital bitcoin wallet called the “Mike Tyson Digital Wallet”
Richard Sherman, Seattle Seahawks cornerback
Has invested in Bitcoin, Ethereum, and Litecoin, but is not so much into smaller coins
Started investing when fans asked if he would accept digital currency on his website
Bought Bitcoin at $1,000 and has made around $20,000 thus far
Katy Perry, singer-songwriter
In November 2017 expressed interest in cryptocurrency when she asked Warren Buffet for his opinion and advice and posted it to Instagram
In January 2018 she showcased her “Crypto Claws” in an Instagram post, tagging accounts of 5 cryptocurrencies
Ghostface Killah, Wu-Tang Clan rapper
In 2017 he became a partner in “Cream Capital,” which aims to build the largest network of cryptocurrency ATM’s
Cream Capital offers a digital coin called Cream Cash
The name was inspired by Wu-Tang’s hit “C.R.E.A.M.” which stands for “Cash Rules Everything Around Me” although in this sense it stands for “Crypto Rules Everything Around Me”
Now with all this hype also comes a lot of risks to look out for in the crypto world. Though many of these people have had great success in cryptocurrency, there are also some that have gotten tied up in legality issues. It is extremely important to do as much research as possible, and clearly, this doesn’t just apply to your everyday person.
Stars like Floyd Mayweather, DJ Khaled, Paris Hilton and The Game have all publicly endorsed different ICO’s using social media. Mayweather even captioned a photo “You can call me Floyd Crypto Mayweather from now on.” The issue is that sometimes these celebrities endorsements are posted without proper disclosure. As of November 2017, the SEC has been cracking down on celebrity-endorsed ICO’s, warning that these endorsements can be unlawful.
Not only should everyone do thorough research on all things cryptocurrency before getting involved, but do not believe everything you read on the internet. It’s important to be aware of rumors and celebrity related cryptocurrency scams.
Tesla billionaire Elon Musk claims to only own about $2.5K worth of Bitcoin, but rumors have been circulating that he could potentially be the inventor of Bitcoin, posing as “Satoshi Nakamoto.” Since then, there have even been scammers impersonating Musk on Twitter, tricking people into sending him cryptocurrency with hopes of him sending back a larger sum in an act of charitable benevolence. People are being advised to STOP sending Elon Musk their cryptocurrency and Twitter has been quick to shut the fake accounts down.
Being a cryptocurrency investor and trader, it is very exciting to see and hear about the numerous celebrities jumping on board. It is important though, to remain skeptical and verify everything. Invest safely!