Nevertheless, the crypto space is notoriously unstable. The failures of once-established companies like FTX and Celsius are horrifying examples of how people can lose billions of dollars in crypto assets overnight.
For this cause, celebrity influencers should thoroughly examine a crypto product before advertising it. With so much at cost, this is a point that no one in the industry should ignore.
Because of this massive risk, regulators question celebrities’ ethics of using significant attraction to lure people into cryptocurrencies. And they’re limiting to that. More jurisdictions are setting strict requirements for celebrities to pawn crypto products to the groups.
For instance, in the European Union, a new set of MiCA laws will demand crypto influencers to publicize the financial wagers connected with their advertising products fully.
Singapore is instituting even more severe actions. The city-state will only permit crypto companies to promote their products on their platforms. However, it will ban influencers from advertising any crypto asset on social media.
How About Tech Entrepreneurs Expanding Cryptocurrencies on Social Media?
Restricting or banning celebrities and social media influencers from using cryptocurrencies may be great, but another question remains unanswered. What about a billionaire entrepreneur whose words could affect the trajectory of cryptocurrencies?
Twitter’s new proprietor, Elon Musk, is a known crypto advocate and a big Dogecoin fan. As an illustration of his tremendous influence in the crypto space, on Tuesday, April 25, just hours following his choice to buy Twitter became public, the meme coins price leaped by almost 23% to $0.1677. That price was the most elevated after January 14, when it traded at $0.2032.
