Every time you turn around, it seems another celebrity is hawking cryptocurrency or NFTs. Influencer Kim Kardashian, boxer Floyd Mayweather, and former NBA athlete Paul Pierce have all promoted Ethereum Max; Matt Damon has starred in commercials for Crypto.com, where he exclaims, “fortune favors the brave;” Gwyneth Paltrow, Mindy Kaling, and Lilly Singh have invested in TeraWulf, a cryptocurrency mining company; and Paltrow’s website goop has published ‘guides’ on crypto, such as the one entitled “The Basics of Bitcoin and Cryptocurrency — and How to Invest.” Additionally, Reese Witherspoon has tweeted her support of the Metaverse, crypto, and NFTs, stating, “In the (near) future, every person will have a parallel digital identity. Avatars, crypto wallets, digital goods will be the norm. Are you planning for this?” Other celebrity endorsers of crypto include DJ Khaled, Atlanta-based rapper T.I., and Elon Musk, as well as Tom Brady, Larry David, Charli D’Amelio, Jamie Foxx, Paris Hilton, LeBron James, and Ashton Kutcher.
So, we’ve got celebrities jumping on the latest bandwagon and shilling for companies. What else is new? Business of Business points out why celebrity endorsements of crypto are particularly dangerous:
So, what’s the problem? Endorsing a potentially volatile financial product isn’t exactly the same thing as hawking sneakers or breakfast cereal. Famous faces can risk unwittingly becoming associated with a scam or even just becoming a…
