CELEBRITIES are riding the cryptocurrency wave with some pouring millions into digital assets.
Bitcoin, NFTs and financial tech companies have Hollywood’s best bought in.
Snoop Dogg and Justin Bieber are among a sea of celebrities buying into digital assets Credit: Getty Images – Getty
Snoop Dogg and Justin Bieber haven’t collaborated on a song but they’re putting their capital in the same place.
MoonPay, a new crypto start-up, has a valuation of over $3billion dollars thanks to major early contributions from Snoop Dogg, Bieber and other contributing celebrities.
It’s one of many financial technology companies to achieve “unicorn status” – a term for a private company worth more than $1billion dollars.
Bieber and Snoop Dogg are also two of the best known holders of Bored Ape Yacht Club NFTs.
Brady has won an NFL record seven Super Bowls with the Patriots and Buccaneers Credit: Getty Images – Getty
Tom Brady is more than just an NFL quarterback – he’s a dynamic businessperson with a track record of smart investments.
When Under Armour tapped Brady for an endorsement deal in 2010, he took stock in the company – in the years since, the value of that contract has gone up 800%.
Brady has been publicly holding Bitcoin since May 2021, and he’s even rocked the laser-eye Twitter avi that crypto-heads look at like a uniform – though the price dropped immediately after he uploaded the photo.
Like anything else he does, Brady is all the way in – he and his wife Gisele Bünchden bought equity in FTX, a crypto exchange company.
One thing we know about Brady is that he can’t say no to appearing in a commercial – he’s appeared over 80,000 commercial airings according to iSpot.tv.
Fans can expect to see more of that in their partnership with FTX.
Damon has a net worth of $170million according to CelebrityNetWorth Credit: Getty Images – Getty
Like Brady, Matt Damon is a member of Boston royalty.
Damon starred as the frontman for Crypto.com in a string of CGI-heavy commercials.
He was skewered for peddling crypto-ganda in wave of negative press and a harsh burn on an episode of South Park.
Crypto.com has a large digital exchange where users can trade in widely known tokens like Bitcoin, meme-currencies like Dogecoin, NFTs, and other assets.
Paris Hilton is an heiress of the Hilton Hotel franchise Credit: Getty Images – Getty
Hilton has an unshakable belief in the lasting power of cryptocurrencies and NFTs – she supposedly started investing in crypto in as early as 2015.
In January 2022, when cryptocurrencies were at a lull, Hilton told CNBC “I see digital currencies definitely rising [again]…Right now, what I did, which is what people say, is buy the dip.”
In the months since, the price of Bitcoin has gone up by about $5,000 – Hilton has been public about her ownership of the token and even welcomed Tom Brady to the Bitcoin team in a tweet.
Going modern on all fronts, Hilton hosts events in the metaverse as a DJing avatar.
Kim Kardashian’s family has an empire worth billions Credit: Getty Images – Getty
Kim Kardashian made a splash on the crypto-scene when she promoted the currency EthereumMax on her Instagram story – it backfired severely.
A class action lawsuit accuses the EthereumMax and the celebrities that promoted it of “false or misleading statements to investors about EthereumMax through social media advertisements and other promotional activities.”
EthereumMax was likely trying to capitalize on their similarity to the popular token Ethereum, though the two currencies are not related.
The United States Congress
Members of Congress have access to information that affects markets before the public Credit: Getty Images – Getty
At least five members of Congress have crypto holdings, with the largest investment coming from Senator Cynthia Lummis, who said she owns to $100,000 worth of Bitcoin in 2021.
Members of Congress are not barred from buying digital assets but it begs the question whether those who do should be able to legislate on matters relating to cryptocurrencies.
Relatedly, Senator Jon Ossoff bucked Nancy Pelosi and the establishment Democrats when he introduced a bill barring members of Congress from trading stock – the Ban Congressional Trading Act does not mention crypto.
High profile celebrities normally have the capital to make a risky investment – and stay wealthy win or lose.
Investors should remember crypto markets are based on speculation – there are no guarantees.