How Celebrities’ Like Mike Tyson, Tom Brady, Involvement in Crypto Turned Sour For Many Investors 

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Investors lost millions after celebrities.

Due to celebrity involvement in the burgeoning asset class, things haven’t really been going well for investors who have joined the crypto bandwagon after following their beloved superstars.

The popularity of cryptocurrencies has skyrocketed over the past year following an influx of celebrities from various niches including sports, reality TV, music, etc.

Many investors were lured into the cryptocurrency as well-known figures expressed interest in the asset class. Celebrities like Mike Tyson, Matt Damon, Tom Brady, Mike Tyson, etc. ventured into the burgeoning industry last year.

Many have been used to promote various cryptocurrency projects, while others have chosen to offer non-fungible tokens to their fans.

A blessing and a curse

It is notable that celebrity involvement in the cryptocurrency has helped support the prices of various crypto assets, with a good number of coins and tokens hitting new all-time highs (ATH).

Unfortunately, things haven’t gone well for investors who have delved into the crypto world because “numerous celebrities have touted the life-changing power of crypto investing.” Bloomberg reports.

This year, the prices of various cryptocurrencies are far from their all-time highs. For example, BTC is down 66.2% against its ATH, while Ethereum is down 65.6% since hitting an all-time high of $4,878.

Many investors who have joined the cryptocurrency bandwagon as a result of celebrity entry into crypto are scratching their heads.

Here’s a list of some of the celebrities who have promoted cryptocurrency investing as a safe haven and how things are going at the moment.

Matt Damon (actor)

The popular Hollywood actor was featured in a Crypto.com campaign titled Fortune Favors the Brave. The ad aired on October 28, 2021 and contributed immensely to the number of people who joined the Crypto.com trading platform afterward.

However, since Damon’s ad went live, Bitcoin’s price has fallen by 60%. This drew widespread criticism from the actor, with many saying he marketed risky investments to his fans.

Tom Brady (American football player)

Brady was also instrumental in attracting many people to the world of cryptocurrencies via an FTX crypto advert in which he was featured.

Remember that in June 2021, Brady shared this with his 12.5 million Instagram followers that he was into crypto. He later asked if his fans would be interested in entering the cryptocurrency world with him. Meanwhile, the price of BTC has plummeted 35% since the ad appeared.

Mike Tyson (boxer)

in August 2021, Tyson launched its own non-fungible token. The digital collectible gave Tyson’s fans the chance to access exclusive content, including an incident in which popular boxer Evander bit Holyfield’s ear. Unfortunately, the value of Tyson’s NFT has plummeted by more than 95%.

French Montana (rapper)

The rapper is one of the many celebrities who have launched non-fungible tokens. On September 10, 2021, Montana created a sneaker NFT collection. The digital collectible also gave investors access to real versions of the shoes. To date, the price of the NFT has fallen by 90%, which has plunged investors into serious losses.

Other than celebrity: Mike Novogratz (Galaxy CEO)

One of the popular figures in the crypto industry’s love of the Terra (Luna), Mike Novogratz was disastrous when Terra caused investors to lose billions after the Luna crashed. With the tattoo on his arm, Novogratz officially declared himself insane, but the collapse of Terra was one of the biggest untoward events in the crypto industry that, aside from losses, resulted in investors taking their own lives.

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