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Celebrity Crypto Endorsements – Has The Market Topped Already?

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On December 20th 2017, CNBC published a story that detailed the cryptocurrency sponsorships and investments of big name celebrities like Paris Hilton, Floyd Mayweather and Jamie Foxx. A month later the market suffered an epic crash that left investors reeling for 3 years.

In the last few weeks Soulja Boy, Mark Cuban and Elon Musk have begun revealing their interests in cryptocurrency. The announcements have given many investors reason for pause and users on Crypto Twitter are citing celebrity involvement as a signal that the market top is in.

But while the celebrities of 2017 were typically creating or sponsoring the launch of “Initial Coin Offerings”, the celebrities of 2021 are adopting the technology itself. Soulja Boy is currently working on digital art, starting with the release of “Crank That”. Billionaire entrepreneur, Mark Cuban, announced his Ethereum address which showed him actively staking on the borrowing and lending protocol, Aave, as well as investing in some lesser known “DeFi blue chips”. And last week, Elon Musk famously described Bitcoin as “inevitable”.

We are now 3 years on from the last major cryptocurrency bull run and in that time Ethereum’s ecosystem has grown by orders of magnitude. The blockchain is now truly useful for a lot of people, whether they’re artists, gamers or investors.

Genuine adoption of Ethereum by celebrities is the polar opposite to what we saw in 2017, where most activity was targeted squarely at the opportunity to raise tens of millions on nothing more than a whitepaper. While there is no doubt a lot of frothiness in the market today (the price of a pair of digital socks recently topped out at $25,000), the current adoption we are seeing is a fundamental signal that the market is likely consolidating at a higher low, not wavering at the top of another giant collapse.


In this preview we look at:

  • Reddit partners with the Ethereum Foundation
  • Grayscale registers trusts for DeFi coins
  • Eth2 prepares for a major update in mid 2021
  • Media roundup

Read this week’s preview ➡️


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Nick
Nick Founder