UNITED STATES—As Donald Trump, who has promised to make the US the “crypto capital of the planet,” takes the White House, the value of bitcoin has surged to $80,000, with other cryptocurrencies not far behind. Trump appears to have had a great change of heart since 2021 when he suggested that cryptocurrency seems like a “scam.” Here are four more celebrities who have used their platform to endorse cryptocurrencies, some even to the point of creating their own.
Iggy Azalea
Earlier this year, rapper Iggy Azalea took her endorsement of cryptocurrencies one step further and decided to create her own. Azalea made her cryptocoin, $MOTHER on the site, Pump.funs which allows anyone to create, trade and sell their own cryptocoins. $MOTHER now sits among 20,000 different kinds of cryptocurrencies out there. To understand what the top crypto to buy is, take a look at this article by Alan Draper to get a sense of what’s out there.
Lionel Messi
Messi launched two different crypto projects in July of this year, these being $WATER and $TIME. Unfortunately, neither has been as successful as the footballer would have hoped. $WATER did well to begin with, its value surging above 55%, before later losing half of those gains. Following a similar trajectory, $TIME surged upon its release, but the value began to drop after only 24 hours, bringing questions to mind about the effectiveness of celebrity endorsements for new cryptocurrencies.
Caitlyn Jenner
In recent news, Caitlyn has been sued for fraud regarding her created cryptocurrency $JENNER. Her social media endorsement of the crypto coin meant that countless of her fans invested $250 million in the coins. However, she has been accused of not registering the crypto as a security with the U.S. Security and Exchange Commission. This highlights the risks involved when celebrities create and endorse cryptocurrency for their own gain, but do not follow the regulations that surround it.
Elon Musk
Most people are aware of how much Elon promotes and endorses the use of crypto. For years he has promoted dogecoin in various ways and even accepts the cryptocoin as payment for his cars (Tesla.) He has recently taken that one step further by becoming co-head of the Dogecoin company. As could be expected, this development led to the cryptocurrency soaring. Musk’s continued dedication to promoting the coin on sites like his very own, X, is at least partly responsible for Dogecoin’s constant incline in value.
Wrapping It Up
It seems celebrity endorsement can have great beneficial results for a particular cryptocurrency. However, for these to be effective in the long term, there are many things the celebs have to keep in mind, including the drops in value that are sure to occur after the currencies launch, and the legalities surrounding the creation of a new cryptocurrency. Still, the sheer amount of different celebrity-backed cryptocurrencies popping up suggests that the move into crypto becoming more mainstream is well on its way.
