Celebrities in crypto; good or bad?

Cryptocurrency Scripts
Oct 22 · 5 min read
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Snoop Dogg recently revealed his NFT portfolio worth millions of dollars, the most popular names you could think about are fast hopping on the NFT trend. Lil Yachty influenced the very popular Safemoon moonshot. A tough one to say, but Soulja has turned into a proper cryptocurrency pump and dump specialist of the McAfee type.

Celebrities of the most elite echelon are fearlessly pushing cryptocurrency, decentralization, and financial technology-aided human freedom. Unarguably, your recent love and respect for a couple of them stem from the fact that they helped ‘pump’ some of your cryptocurrency holdings.

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Hate or love him, Elon Musk has been the most influential figure in the crypto space in 2021. Yeah, it’s the rocket man, not even Michael Saylor and the thousands of Bitcoins he regularly buys via his investment startup — Microstrategy. NSFW projects have also attracted adult content producers into the crypto space.

As if this is the first time cryptocurrency made its way to mass awareness, the rave seems to have shot up from nowhere! Amazing, yet confusing…what could have caused this rush and how has this changed things for the larger cryptocurrency community?

Flashback to a couple of years ago; bitcoin was relatively stuck in obscurity, despite performing way better than every other asset you could think of over the past decade. Only the most curious and financially knowledgeable celebrities cared about making their opinions about the shady digital asset known. The dollar was the rave, amongst celebrities and other people alike…it probably still is.

A couple of them surely moved a chunk of their funds into bitcoin and cryptocurrencies but barely cared to talk about them as much as they do currently.

NBA teams are proposing to pay part of their players’ salaries in bitcoin, many popular racing companies and F1 racers have lucrative deals with cryptocurrency startups. Our bitcoin car didn’t win that race, but still, it has served its purpose. It’s not so odd to see new people join a trend, but then they barely cared about it a while ago and suddenly get so involved, it looks weird…or amazing, rather.

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Who’s your favorite celebrity in cryptocurrency? For me, it’s certainly not Soulja Boy…lol. The ‘Crank dat’ emcee hasn’t been such a healthy figure in the crypto space and represents everything which makes cryptocurrency investment risky. His influence is very similar to that of many other celebrities who ventured into the space during the cryptocurrency bull run of the first quarter.

Anyone who really cared would wonder what these popular guys have contributed to the real growth of cryptocurrency and blockchain technology.

Pump and dump specialists? Remember when meme tokens nearly took over the Binance Smart Chain? The safe, moon, baby, Shiba, and inu tokens. As funny as they sound and function, many of them were being advertised by elite celebrities; Snoop Dogg, The Game, members of the Faze Clan, to mention very few. Thanks to the large audience they gained via their music success, and otherwise, these tokens gained enormous popularity accompanied by face-melting price moves. Thanks to Automated Market Protocols, every buy or sale has a tangible influence on price.

Price easily went haywire, 10X gains were as common as ever, 100X gains and even higher could come within a week. The peak of these gains was usually followed by rug pulls and teams selling the majority of their holdings, leaving holders to nurse their irrecoverable losses as trading volumes shrink out while the project goes into obscurity. Unto the next one! “what’s the next 100X?” cryptocurrency’s reputation was left to bleed, volatility and betrayal were demonstrated in their worst manners. These influencers already cashed out before the storm, depending on whether they were paid upfront or in the tokens.

Money grabs? For most of these celebrities, cryptocurrency is simply an avenue to boost their net worth or get out of their bad financial situations. NFTs, Defi, meme, and passive reward coins; the boom of each of these presents an avenue for celebrities to jump in and make some dollars. Celebrities would mint NFTs only sell them for Dollars and USDT, lol.

Funny how the rest of the crypto space boarded their ship and paid ridiculous fees for these NFTs. Well, thousands bought meme coins simply because a celebrity said inaudible words and mentioned the coin at the end, lol. Well, the gains were good, for these popular guys, and they get to keep their reputation intact and gain more followers.

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Politically influenced moves? Actually, I have been mentioning rapstars and popstars, that’s partial! Elite politicians have also joined the movement, either against or in support. Most of these moves are politically motivated as some of these politicians, in fact, have no interest in cryptocurrency, while a good number of them actually hate it but put their weight behind it to earn voters’ attention and support.

Politicians with real interest in cryptocurrency have stayed outspoken way before the boom, most of them against it, however…but they are genuine, at least.

Well, as long as global awareness goes, these celebrities haven’t been such a bad influence in the space. To be fair, a good number have pushed cryptocurrency closer to global adoption…very few of them anyway. Regardless of how they did it, more people got to know about cryptocurrency via their popular shills and toxic support for certain projects.

In the real sense, long-term supporters have continued to have the most important contributions to the positive growth of cryptocurrency and blockchain technology, while the new ‘converts’ continue to find their way into the space.

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