Cryptocurrency wasn’t deemed cool or trendy at the start of Bitcoin’s development. Few people were aware of their existence, and their public image was mostly that of an Internet oddity or a questionable technology for nerds.
However, following many price explosions, a large number of people chose to enter the crypto market. It’s also no longer only a place for techies to hang out. ICOs and NFTs— all of this has generated a lot of hype and has been debated extensively on social media. Some celebrities, too, have succumbed to the fads and hype.
Celebrities have emerged as prominent cryptocurrency investors. A few cryptocurrencies’ prices are even heavily influenced by the activities of certain individuals. Here are six stars who were early adopters of cryptocurrency and pioneered crypto trends.
What is Cryptocurrency?
There are more than 8000 different cryptocurrencies accessible today, making it difficult to categorize them all. A cryptocurrency, in general, is a digital currency that is encrypted and frequently decentralized. Bitcoin, by far the most well-known cryptocurrency, is built on blockchain technology, which is a decentralized, permanent ledger system.
While Bitcoin is the most popular and valuable cryptocurrency, dozens of alternatives, or altcoins, have sprung up as a result. Altcoins come in a variety of shapes and sizes.
The majority of people are only interested in holding Bitcoin or Ethereum, another prominent cryptocurrency. Even yet, some speculators try to purchase low and sell high on more minor well-known cryptocurrencies. The goal is to make a quick profit by investing early in the next Bitcoin.
Volatility is a universal denominator regardless of which currency you invest in. Any cryptocurrency is only valuable as long as people believe it is valuable. While this is true of any money, it is especially true of cryptocurrencies because they are not backed by a government or a valuable commodity (such as gold). Many investors and speculators have learned the hard way that this makes it a considerably riskier investment.
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4 Steps to Investing in Bitcoin
A brokerage account or a cryptocurrency exchange account is the most convenient way for most consumers to purchase Bitcoin. Most digital wallets can be used to buy Bitcoin; however, in this part, we’ll focus on the simplest method:
- Select the Most Appropriate Bitcoin Exchange or Brokerage
Choose the finest place to acquire and keep your digital money before you begin your Bitcoin transaction. When deciding where to buy Bitcoin, keep fees and the exchange’s reputation in mind. Also, double-check that the feature you want to use to move your Bitcoin out of the brokerage account is available, as not all brokerages do.
- Create a Bitcoin Account
It’s time to open your brokerage or cryptocurrency account after you’ve chosen your perfect account. Plan on submitting your basic contact information and acceptable identification to meet the exchange’s know your customer (KYC) standards if you’re in the United States.
- Fund Your Account
It’s time to fund your account once it’s been opened. An online funds transfer from a linked bank account is usually the quickest and cheapest method. Some cryptocurrency exchanges allow you to trade immediately, while others need you to wait for the money to clear before purchasing. If you can buy cryptocurrencies right away, you may have to wait for the deposit to clear before withdrawing money from your account.
- Fill out a Purchase Order
To place an order, click the buy button when you believe the time is correct. The exchange will convert your dollars into Bitcoin, which will be held in the same cryptocurrency account as your equities. When your trade completes, you are now the proud owner of Bitcoin.
Famous Actors Who Have Invested In Cryptocurrency
- Ashton Kutcher
He’s more than an actor and a campaigner. Ashton Kutcher is also a serious investor, having co-founded venture capital firms A-Grade Investments and Sound Ventures in 2010 and 2015, respectively. He was also an early investor in companies such as Uber Technologies and Airbnb, to mention a few.
He’s a strong Bitcoin supporter, too, albeit his most notable cryptocurrency bet is/was UnikoinGold, a low-profile digital currency. The Securities and Exchange Commission has subsequently shut down UnikoinGold, which was intended to be a way to gamble on esports events.
Nonetheless, Kutcher’s interest in a play that isn’t on the usual route shows how broad his field of futuristic vision is.
- Johnny Depp
Hollywood actor Johnny Depp began collaborating with blockchain-powered filmmaking startup TaTaTu in October 2018. The platform can be paid for with crypto tokens, according to the business.
In terms of collaboration, Johnny Depp will collaborate on the content with Andrea Iervolino, the founder of TaTaTu.
- Gwyneth Paltrow
Gwyneth Paltrow has been an advisor to Abra ICO since 2017, a project that intends to provide a variety of services to make cryptocurrency more accessible. She held a question-and-answer session with “Bill Barhydt,” the founder of the cryptocurrency software Abra from the Goop website, on her personal Twitter account in 2018. This resource has been used by the American actress for nearly ten years, and she is currently helping to develop it.
- Paris Hilton
Paris Hilton, the famous actress, is not only known for her good looks and stylish flair, but she is also a revolutionary diva. She bought Bitcoin and has been a vocal proponent of cryptocurrency on Twitter and other social media platforms. She was born in New York and feels that cryptocurrencies are the next big thing in the financial world.
- Hugh Laurie
Hugh Laurie, the British actor most known for his portrayal as Gregory House, M.D., had no interest in crypto until four years ago. However, in 2015, a buddy advised him to invest in Bitcoin, which was at the time beginning to skyrocket in value. Laurie invested $5,000 in BTC at the recommendation of a friend.
- Jamie Foxx
A few celebrities have been talking about blockchain for years, but more are now joining the movement. One of them is Oscar winner Jamie Foxx, who endorsed Robinhood, a ‘zero trading charge cryptocurrency exchange,’ on Twitter. By the way, he has more than 5 million followers on Twitter!
Maisie Williams, Snoop Dogg, and Kanye West are among the other well-known celebrities. While significant investments have a high-risk factor, stars aren’t scared to lose money in order to gain more. Cryptocurrencies’ shady future is long gone, and these investments show that they’re here to stay.