TL; DR Breakdown
- Bitcoin goes mainstream even among the celebrities.
- Politicians, pop stars or actor hold crucial role in promoting Bitcoin.
- Being a Bitcoin supporter implies many things.
Elon Musk is known for being one of the most influential celebrities in the crypto world. But he is hardly the only famous person who now owns Bitcoin. Ted Cruz, Maise Williams, and other celebrities were known to support Bitcoin.
If Bitcoin is a Digital Gold, in 2021, we have entered its golden era. Mainstream adoption of Bitcoin goes hand in hand with celebrities’ like Elon Musk’s endorsements, with politicians, pop stars, and influencers worldwide unable to stop talking about Bitcoin.
Consider Miami Mayor Francis Suarez, who tweeted that he will make his next payment 100% in Bitcoin while tagging Miami Chief information officer Mike Sarasti. This bold move makes him the first US politician to be paid in crypto. But Suarez is the only US politician advocating for Bitcoin.
Bitcoin supporters are a mixed lot
Influential Texas Senator Ted Cruz recently said that Bitcoin mining might be the solution to the Texas power grid problems and spoke in favor of Bitcoin even in the past. This year, the Republican party also sent to the critical US Senate banking committee Cynthia Lummis, well-known for being a big supporter of Bitcoin. If such a trend continues, we might very soon witness long-waited state regulations on Bitcoin.
Pop stars such as Snoop Dogg, DJ Khaled, Kanye West, or 50-cent have previously made headlines alongside Elon Musk by either supporting Bitcoin or even taking it as payment for their albums, but the true pioneer is a former Spice Girl member Mel B. She was one of the very early adopters and accepted Bitcoin as payment back in 2013, making her a true visionary in digital art. Other important categories are actors and influencers on social media.
People like The Game of Thrones star Maisie Williams or YouTuber Logan Paul, who share almost nothing in common except for stating they own Bitcoin speak to different demographics, and show that digital gold is truly everywhere now.
Elon Musk is an exception?
It is also true that celebrity support for specific cryptocurrency projects might even be an adversary for public opinion on Bitcoin. We might mention the scandalous appearance of DJ Khaled or Floyd Mayweather in ads for scam Centra Tech’s token, which ended up in them being sued.
Hollywood star Steven Segal has also supported a similar scam project, Bitcoin gen, and faced legal consequences by the American Security and Exchange Commission (SEC). This, by the way, leads us to Elon Musk, recently investigated once more by the SEC for manipulating prices of DOGE coin. Thus it is not all rosy when it comes to celebrities on crypto.
The SEC describes the Meta 1 coin fraud as still in the market involving a former US Senator. The firm’s website still features a significant pitch, Empowering Humanity, as its Twitter and LinkedIn page remains active and constantly being operated.
Should you be a Bitcoin supporter?
Celebrity status which people like Elon Musk possess might bring both good and bad things, but with immense power comes big responsibility. Bitcoin is power, and it can alleviate poverty when applied with goodwill. If Bitcoin power is not involved with wisdom, it can be a tool for oppression. In the hands of a statesman, a whole country is reborn.
In Kenya, the Akon Akoin project targets 5,000 workers within the first six months and 20,000 workers for a successful rollout by 2022. The developers also are working on a major launch event to enable broader adoption after the national rollout in September.
As per a recent Cambridge University survey, only 39% of the energy burned from mining crypto uses renewable energy sources. This means that Bitcoin’s total energy in a year translates to burning 54 billion pounds of coal.
Bitcoin can be likened to an environmental disaster.Tom Seyer, billionaire and environment advocate
There are good and bad sides to the Bitcoin horizon like Elon Musk has proven, so what side should you be?