Celebrities hold the power called fame and their fame can do wonders in the marketing world. Celebrity influencers have worked for tech markets for a very long time. Companies like Apple and Microsoft have used celebrities to get people’s attention. The cryptocurrency is no different.
Celebrities can sell us anything, from diet tea to makeup and even cryptocurrencies! And since cryptocurrency has suffered from a branding problem, people can certainly benefit from a familiar face.
It is not always the money that the celebrities are after, sometimes the cash only works as an added bonus. There can be other reasons to get behind the project; maybe they genuinely believe in it or it may align with their own personal brand.
Mike Tyson
Not the best person to get behind Bitcoin who is a convicted felon. Tyson started promoting cryptocurrencies in 2015. Speaking to Coindesk, he said he was grateful to be part of the “Bitcoin revolution”.
The profits driven from the deal would be split evenly between Tyson and Bitcoin Direct. Tyson didn’t feel demotivated by the patchy internet trail of Klamaka’s other firm, OTC stock Bitcoin Brands Inc. He stated that he already knew about the cryptocurrency before meeting Klamaka and was drawn in by the idea of having options other than traditional banking system.
Steven Seagel
Having a fair share of lawsuits at his hand, Seagel was brought on by Bitcoiin2gen (B2G) as a worldwide brand ambassador.
Regulators issued warning how people should steer clear of the cryptocurrency endorsed by a faded film star. New Jersey’s Bureau for Securities cease and desist order describing “Bitcoiin” as an unregistered security which further made people skeptical of the relationship between the two.
Seagel was seen tweeting about the project on various occasions under the hashtag #ad. But soon after, Seagel and the company’s founders parted ways with the coin. The reason for endorsement and the reason for parting ways, both are unclear.
Gwyneth Paltrow
One of my favorite actresses has had a not so reputable lifestyle brand Goop. The company has been criticized over the years for promoting and selling products and treatments that are not scientifically strong, lack efficacy and sometimes have been recognized as harmful or misleading by medical professionals.
Last year, Paltrow’s brand published a piece promoting Bitcoin, encouraging readers to find out more about the cryptocurrency world. The article featured an interview with Abra’s CEO Bill Barhydt.
The piece was a rather shameless promotion that went on to promote the benefits of using Abra over other companies in the crypto-space.
Very few celebrities have an understanding of the cryptocurrencies or the technology behind it.Yet they have no qualms in telling people to spend their hard-earned cash into something even they don’t have a clue about. It is because of this the celebrity cryptocurrency endorsements are the worst kind of all.
