As cryptocurrency has entered the limelight in recent years, we are seeing more and more celebrities taking to social media platforms to promote crypto. This hasn’t always been smooth sailing, and some celebrities have ended up in legal trouble for promoting schemes they know little about, or that turn out to be scams.
When it comes to where to share, Twitter and Instagram are the social media platforms of choice for celebrities promoting crypto. The latest celebrity to promote crypto is the Academy Award winning actress and businesswoman Gwyneth Paltrow.
Gwyneth Paltrow tweeted a link to “The Basics Of Bitcoin and Cryptocurrency – and How to Invest”; a recent publication on her online lifestyle brand magazine, goop.
— Gwyneth Paltrow (@GwynethPaltrow) November 5, 2018
What’s in the guide?
The guide aims to break down the mystery surrounding Bitcoin and advise readers on how to invest as a beginner to crypto. It does this through a Q&A with Bill Barhydt, the founder and CEO of the cryptocurrency-exchange app called Abra. Abra is an app aimed at beginners, it is designed to be user-friendly and charge low fees for Bitcoin transactions.
The Q&A works through common questions and concerns about Bitcoin, such as “what is Bitcoin?”, “how can you trust [Bitcoin] will have value in the future?” and “What’s the bigger picture with cryptocurrencies?”
The guide does read a little like a promotion for the Alba platform under the guise of educating their readers; however, it does bring important questions about cryptocurrency to a potentially uninformed demographic and provide accurate information, which is always a good thing.
We want to remind our readers to keep two things in mind when you’re tempted to get involved in crypto after seeing a celebrity promotion. Firstly, remember to be cautious about their involvement in what they are promoting and how close you think they are to it. Have they mentioned crypto before? Or does the tweet or post come across as someone who knows little about it but is getting paid for putting their face to the product? Secondly, be aware that hackers are present on Twitter and Instagram, Elon Musk was recently impersonated on Twitter, the attacker was encouraging victims to send Bitcoin to a wallet in exchange for more Bitcoin. The hackers successfully made themselves appear legitimate by hacking verified accounts and changing the name to Elon Musk, and hacking other verified accounts to prop up the lies. They managed to scam victims out of $180k in one day.