More Celebrities are Getting Paid in Crypto, and Here’s Why
- Before cryptocurrency, purchases were made solely with established currencies through financial institutions.
- However, now that cryptocurrencies are being used to purchase items, celebrities have begun accepting crypto as a form of payment.
- With crypto investments becoming more popular, more celebrities have also been endorsing them. However, do your own research before investing in anything that is being promoted, as it could be a scam.
Before the rise of cryptocurrency, the only way to purchase items was through cash, or cash equivalents, such as debit cards and credit cards. However, over the past couple of years, the rise in popularity of different cryptos has caused them to become slowly integrated into our daily lives. For example, companies such as Tesla allow Dogecoin to be used as a means of payment for their merch store.
Thus, the increasing popularity of investing in cryptocurrencies such as Bitcoin and Ethereum has caused celebrities to purchase different coins on various cryptocurrency exchanges. As more crypto exchanges are promoting these coins, it has become much more accessible for people in the United States and worldwide to invest in crypto and potentially make a profit.
Why Some Celebrities Are Choosing Crypto Over Cash
The main reason celebrities choose crypto over cash is because of its continued increase in value. Over a long time period, cash starts to have a lower purchasing power due to inflation. However, recently, crypto has been increasing in value because of its gradual implementation in today’s society. As a result, the rise in demand allows its price to increase, and investors can make a nice profit after a while.
Therefore, because cryptocurrencies have shown their high potential for profitability, this has led to celebrities choosing to get paid in crypto instead of the typical cash.
Which Celebrities Are Investing in Crypto?
With cryptocurrencies becoming increasingly popular, some stars have started getting involved with crypto, either by creating their own NFTs or choosing to receive payments in varying virtual coins. Below is a list of recent famous people involved in the crypto scene.
Atlanta rapper, Money Man, became the first rapper to receive his $1 million advance in Bitcoin from his record label EMPIRE. He has become a public supporter of crypto, with his latest album named “Blockchain,” which had an accompanying NFT release. Money Man is embracing the changes cryptocurrency is having in today’s world and decided to invest early to maximize his profits in the long run.
Fellow Atlanta rapper Lil Baby mentioned in a video he prefers crypto to cash. Lil Baby said he would be getting rid of any cash on hand and investing in cryptocurrencies, including Bitcoin, Ethereum, and the Metaverse.
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The Philadelphia-based rapper has begun showing his intrigue in the world of stocks and cryptocurrency. In a recent tweet, he mentioned that he wants his fans to start educating themselves on the stock, cryptocurrency markets, and products with features relating to crypto. Furthermore, after hearing about Money Man’s Bitcoin payments, Meek wishes to follow in his footsteps when receiving payments from his record label.
Comedy legend Steve Harvey has started transitioning to the virtual world through his investments in Bitcoin and Ethereum and the creation of NFTs. Steve Harvey mentioned that any profits made from his NFTs would be going towards The Steve and Marjorie Harvey Foundation, which provides youth outreach services. As for his crypto investments, he will be holding onto those and selling them in the future when he makes a profit.
Be Aware of Crypto Scams
Although countless celebrities are advocating for different cryptocurrencies on social media, one important thing to keep in mind is that these celebrities hold significant influence. Due to their considerable sway, they could be promoting crypto assets that have no value in the long run, causing their fans to lose a significant amount of money.
One recent example that comes to mind is the involvement of four Los Angeles-based FaZe members and the SaveTheKids token. FaZe members Kay, Nikan, Teeqo, and Jarvis publicly supported this token, believing that the money would be going towards the organization itself.
However, once this token began being publicly traded, it was evident that the money was not going to the organization. Instead, it was a scam, with the coin’s creator walking away with hundreds of thousands of dollars.
Due to his close involvement with the coin, FaZe Kay was kicked from the organization, with the other three members being suspended indefinitely. Social media influencers may not always do their research, nor may they have your best interests in mind when making these decisions. Therefore, be mindful that their specific product promotion may be sketchy.
Thus, whenever you wish to invest in anything, always do your own research and do not believe everything promoted on social media.
Although not every job has the option to pay you in cryptocurrency, it is essential to note that you can still invest in them. The only difference is that it is more convenient when you are paid in cryptocurrency, and you do not have to purchase crypto on exchanges.
However, it is essential to note that although these celebrities are getting paid and investing millions of dollars into these virtual items, the amount they are investing is a low fraction of their total income. Therefore, if you do not have a lot of disposable income to invest in crypto, the safer and better option would be to invest in the stock market as it historically goes up in value.
Disclaimer: The information above is not to be used as financial advice. Always conduct your own research before investing.
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