What are the Celebs who once preached Crypto, now saying?
Many Crypto platforms like FTX and Crypto.com have had popular Celebs endorse the idea of cryptocurrencies. Now, that the crypto market seems to be on a downfall, what are they saying?
In case you aren’t aware, cryptocurrencies and other once-booming blockchain technologies like NFTs have not been on their best performance as they used to be. Bitcoin has seen large price drops over the past few months and Opensea has reported a fall in the number of daily users that visit its website 📉. Take it from me, I don’t even like seeing the price of my crypto assets anymore… And I might have even forgotten I owned an NFT. 😭
That makes you wonder, what are all the Crypto endorsers doing anyways in a time like this? 🤔
Wait, what crypto endorsers are we talking about here?
By Crypto endorsers, am referring to the popular celebrates that many popular crypto platforms like Crypto.com have used to push the idea of cryptocurrencies and NFTs… I mean, it’s only fair to want to know what they have to say about the recession!! 🤷🏻♂️
Over the last year, Hollywood celebrities and top athletes have been increasingly enthusiastic about cryptocurrency. They portrayed virtual currency as a society with its own trendy culture and philosophy, one that was more inclusive than traditional finance and offered the opportunity to make a lot of money, on social media, in interviews, and even in music videos.
This year’s Super Bowl was dubbed the “Crypto Bowl” because so many commercials — some of which cost up to $7 million for 30 seconds — promoted cryptocurrencies, with several of them starring big celebrities.
Crypto.com and FTX are some of the popular crypto platforms that have gone to great lengths to push the influence of cryptocurrencies, either by paying lots of money 💵 to buy the naming rights to Stables Center 🏟, just so they could call it a very non-rhythmic name “Crypto.com Arena” or to celebrities for endorsement.
❓ What now?
Well, right now, things aren’t going as expected with crypto and NFTs, and those famous celebs now face intensifying criticism that they helped drive vulnerable fans to invest in crypto without emphasizing the risks. Unlike clothes or snacks or many other products hawked by celebrities, the crypto market is volatile and rife with scams.
…… I suppose they left that part out!! 🤷🏻♂️
“This is real money that people are investing,” said Giovanni Compiani, an assistant professor of marketing at the University of Chicago whose research has found that younger, lower-income investors tend to be overly optimistic about crypto’s trajectory. “Those who promote it should be more upfront about the potential downsides.”
❓ So what are those crypto celebs saying in these trying times? 🤕
So far, crypto’s celebrity boosters have been largely silent about whether they have any second thoughts about their promotions.
- Matt Damon, who is a much-derided but widely visible Crypto.com ad last year equated the arrival of virtual money to the evolution of aviation and spaceflight, did not reply to calls for comment as per The NYT when approached on the issue.
- No response either from LeBron James, the NBA star who appeared in the company’s Super Bowl commercial this year.
- When reached out to, by the NYT (New York Times), Reese Witherspoon, an Oscar winner who declared online in December that “crypto is here to stay,” did not respond to a request for comment.
- Neither did Gwyneth Paltrow, another Oscar winner, who lent her name to a Bitcoin giveaway late last year.
- Mila Kunis, Aaron Rodgers, and Tom Brady (although Mr. Brady’s and Mr. Rodgers’ Twitter profiles still display laser eyes, a common symbol of Bitcoin bullishness) are among the other well-known crypto promoters who have been quiet on the issue.
Final Thoughts 🙏🏻
While many people are angry that they were misled by crypto endorsers into joining the bandwagon and those endorsers seem to have nothing to say, it is very important to know that Cryptocurrencies are fragile and are not stable. This is the part that is often left out!!!
But, crypto and other blockchain technologies are relatively new and still have a long way to go and I believe they are here to say 💪🏿.
🙋🏻♂️ HEY, What are your thoughts or opinions on the subject, please share with us?
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