More people want to use cryptocurrencies each day since their popularity progressively increases annually. The more people who invest in crypto, the more valuable it becomes, which gives it a high investment value. Buying Bitcoin is not that difficult if you do it with bitcoin pro
Everyone’s used to regular people and traders using cryptocurrencies, but many often forget that celebrities are also among the people who can use crypto. However, it’s not the same when an average person buys crypto as when a celebrity does it since that could change the whole market drastically.
When you see a celebrity using a cryptocurrency, it’s most likely because they want to advertise it. Are they doing it because a crypto exchange is paying them to do so? The short answer is that it depends, but famous people can take advantage of their position to profit from small cryptocurrencies.
Knowing that allows you to understand which crypto to invest in and how to make market predictions depending on what happens worldwide.
Which Celebrities Use Cryptocurrencies?
One of the celebrities using cryptocurrencies the most is Elon Musk. He, apart from investing in Bitcoin and Ether, is a huge Dogecoin enthusiast.
Dogecoin is a cryptocurrency that appears and is based on memes. Elon Musk states that Dogecoin offers you several advantages compared to Bitcoin and other cryptocurrencies used for trading. Other celebrities, such as Matt Damon, support exchange websites and trading platforms.
Another example of that is TikTok star Charli D’ Amelio, who publicly supports Gemini. Kim Kardashian prefers going for a less popular cryptocurrency, so she often recommends her fans to invest in EthereumMax.
Floyd Mayweather and NBA star Paul Pierce also support EthereumMax, and people often criticize them for it.
As for Bitcoin only, many celebrities put their hands on it even before it became as big as it is today. Some of those people are Logic, Snoop Dogg, 50 Cent, Paris Hilton, Bill Gates, and Kanye West. Those investments have proven profitable for them in the long run.
How Do Celebrities Affect the Market?
Many things affect the cryptocurrency market and the rate of each cryptocurrency. Those factors are demand, competition, regulation, and supply. Supply and regulation are not things that depend solely on the people who invest in each crypto but rather the limitations each government imposes on them.
Thus, some cryptos are more popular in some countries than others.
Everything changes when talking about demand and competition. As it happens with everything on sale in the world, when a lot of people want to buy something, the value of that thing increases to match its demand.
The same occurs with crypto since its price goes up when a lot of people invest in it. What makes crypto different from other things is that it’s a lot more volatile than other assets, so its value changes often. Competition refers to other cryptocurrencies that offer similar or better things than another crypto.
Celebrities increase the demand for each cryptocurrency whenever they invest in it. Therefore, the value of that cryptocurrency increases. That’s the reason people think celebrities advertise cryptocurrencies to profit from them.
Bottom Line
Whether they do it to profit from cryptocurrencies or not, celebrities have a huge impact on the demand of the assets they invest in, so you can trust those assets to have a value increase in the future.
However, since it’s the most popular cryptocurrency worldwide, celebrities often invest in Bitcoin, so it’s a decent place to start if you are a beginner in the trading world.
