Is it cause for concern when a celeb is a spokesperson for a cryptocurrency?

[Grant]

I always worry when I see a celeb promoting a cryptocurrency, especially if it's some brand new currency that hasn't even been established yet. We saw what Logan Paul and his team can do, after many failed attempts at starting their own crypto and NFT companies, and allegedly stealing tons of money and not paying it back. I doubt most celebs are investing themselves, they're just being spokespersons for it.

 

[Ja Sa Bong]

If a celebrity is promoting any new cryptocurrency project, he is doing it for his own gain. Celebrities have been doing this for a while with some of those coins they're promoting being scam down the hall. I'd never trust any new coin supported by a celebrity.

 

[Riberet19]

I agree that if you promote a cryptocurrency it is because there has to be something behind it all, you have some kind of special treatment from the developers or you would have to investigate very well what the project is about, otherwise, what has happened so many times could happen, that money is lost in dubious projects mentioned or advertised by an influencer.

 

[Ektalakra]

Yes, celebrity endorsements for cryptocurrencies can be concerning as they may create hype without ensuring the legitimacy of the project. Investors should conduct through research to avoid potential scams or misleading promotions.

 

[Riberet19]

Sometimes they themselves know that the project is not legitimate and they still promote it knowing that their followers are going to lose money. I have already seen a few cases like this.

 

[Nomad]

Celebrities have vested interest. When they promote something, there are tow reasons, one, they have a huge stake on it, and two, they have received a lot of money for marketing. Therefore, I don't trust projects that are endorsed by celebrities..

 

[Henrywrites]

I always worry when I see a celeb promoting a cryptocurrency, especially if it's some brand new currency that hasn't even been established yet. We saw what Logan Paul and his team can do, after many failed attempts at starting their own crypto and NFT companies, and allegedly stealing tons of money and not paying it back. I doubt most celebs are investing themselves, they're just being spokespersons for it.

I don't follow the herd as I prefer to do my research on any cryptocurrency before I invest. It doesn't matter who is promoting it and who is not. The key thing is getting the right information and making a final decision based on that. We have had some celebrities promoted a coin that later rugged, and that has made me decide not to think much about those ones at all.