The Celebrity Effect: How A-Listers Are Fueling Crypto’s Popularity
Cryptocurrency has transcended the tech world to become a pop culture phenomenon, thanks in part to the star power of A-list celebrities.
From Elon Musk’s market-moving tweets about Bitcoin and Dogecoin to Gwyneth Paltrow endorsing Bitcoin wallets, celebrities are increasingly playing a pivotal role in shaping the perception and popularity of digital currencies.
But does their involvement help or hinder the crypto revolution?
Cryptocurrency expert John Fenga believes the celebrity effect is a double-edged sword.
“Celebrities bring incredible visibility to cryptocurrency, introducing it to millions of people who may have never considered it before,” Mr Fenga said. “However, their influence can sometimes lead to hype-driven investment decisions rather than informed ones.”
Elon Musk, Tesla’s enigmatic CEO, has been at the centre of several crypto surges. His endorsement of Dogecoin in a series of tweets turned the meme coin into a multi-billion-dollar asset almost overnight.
When Musk’s company announced it would accept Bitcoin for Tesla purchases, the cryptocurrency's value skyrocketed — only to tumble when he reversed the decision, citing environmental concerns.
“People hang on every word of someone like Elon Musk,” Mr Fenga said. “While his tweets can provide short-term boosts, they can also lead to volatility, undermining the idea of cryptocurrency as a stable financial tool.”
Other celebrities have lent their names to NFTs (non-fungible tokens) and crypto projects.
Paris Hilton, for instance, has become a vocal advocate for NFTs, selling digital artworks and even collaborating with crypto platforms.
Meanwhile, athletes like Tom Brady and Steph Curry have partnered with crypto companies, further legitimising the space.
While celebrities have brought excitement to cryptocurrency, they’ve also been linked to controversies.
In 2022, Kim Kardashian faced backlash for promoting EthereumMax, a little-known token accused of being part of a pump-and-dump scheme. The U.S. Securities and Exchange Commission (SEC) fined her $1.26 million for failing to disclose she had been paid for the endorsement.
“Celebrity endorsements can lend credibility, but they can also mislead people into thinking a token or platform is risk-free,” Mr Fenga said.
“Crypto is still a relatively new and complex financial space, and people must approach it cautiously.”
Despite the controversies, celebrity involvement has undoubtedly pushed crypto into the mainstream.
Hollywood has embraced the blockchain, with stars like Matt Damon and LeBron James appearing in crypto commercials. Even major award shows like the Super Bowl have featured high-budget ads for cryptocurrency exchanges.
“Mainstream acceptance is crucial for cryptocurrency to evolve beyond being a speculative asset,” Mr Fenga said. “When celebrities engage with crypto responsibly, they can play an important role in its adoption.”
However, Mr Fenga stresses the importance of education. “Investors should look beyond the celebrity endorsements and understand the technology, risks, and potential rewards. This is where the real value of cryptocurrency lies.”
Mr Fenga predicts celebrity involvement will shift from hype to utility as crypto matures.
“We’ll see more partnerships highlighting how cryptocurrency can solve real-world problems—cross-border payments, tokenising assets, or enhancing financial inclusivity,” he said.
One example of this shift is the growing number of artists using NFTs to give fans direct access to their work while bypassing traditional intermediaries. Musician Grimes sold $6 million worth of digital art via NFTs, and the trend is expanding to industries like gaming and sports.
“Cryptocurrency and blockchain technology are creating entirely new business models,” Mr Fenga said.. “The celebrities who align with these innovations in meaningful ways will help drive the next adoption phase.”