Kardashian, Hilton, Paltrow …: Did top celebs artificially inflate the cryptocurrency? Business

More than a trillion euros ran out in six months. Gone!

The crypto party is over. Last November, a bitcoin was still worth 65,000 euros. Then it went downhill. On Friday, the Digi-Speaker still cost 28,200 euros. A drop of almost 60 percent! Other cryptocurrencies have been hit even harder.

One of those who played is the man who started the latest bustle: Elon Musk (50). Between January 1 and February 8, 2021, the Tesla boss invested $ 1.5 billion in cash reserves from his electric car maker in 46,700 bitcoins. Average price per coin: 31,200 euros.

According to business magazine “Fortune”, Musk had given the king of cryptocurrencies mainstream investment status.

Musk liked to tweet about Bitcoin and Co., and everything went according to plan in the beginning. Tesla made more money with its crypto betting than with the sale of e-cars or batteries!

Meanwhile, not only is all profits gone, Tesla also made a negative business. And Musks have long preferred to tweet via Twitter itself, Biden or Trump.


Made Bitcoin socially acceptable as an investment when he bought more than 47,000 of the digital ones with $ 1.5 billion in cash reserves from his company Tesla: Elon MuskFoto: Patrick Pleul/dpa

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Made Bitcoin socially acceptable as an investment when he bought more than 47,000 of Digi-Taler with $ 1.5 billion in cash reserves from his company Tesla: Elon MuskPhoto: Patrick Pleul / dpa

The richest man in the world is far from the only celebrity who has drummed for digital currencies on social media. The list of stars that nourished the cryptohyp is long:

Gwyneth Paltrow (49): The Oscar winner offered his 2.7 million Twitter followers a free $ 500,000 last December. Background: She wanted to promote the cryptocurrency company “TeraWulf”, with which she had collaborated. “TeraWulf” wants to produce bitcoins with 100 percent carbon-free energy.


Actor Gwyneth Paltrow bet on floating crypto and drummed up mining company TerraWulfFoto: MIKE BLAKE/REUTERS

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Actress Gwyneth Paltrow bet on crypto-floating and hit the drums for the mining company TerraWulfPhoto: MIKE BLAKE / REUTERS

► Reese Witherspoon (46): The movie star indirectly encouraged his 2.9 million followers to prepare for the Bitcoin future.

In January, she tweeted: “In the near future, everyone will have a parallel digital identity, avatars, cryptocurrencies, digital goods will be the norm. Are you planning to use it?” She especially encouraged women to invest in Bitcoin.

What was behind their tweets: Allegedly so-called NFTs (Non-Fungible Tokens). So unique and counterfeit digital collectibles. Including digital portraits that celebrities now make money with on the site.

Paris Hilton (41): The hotel heiress had repeatedly stated how enthusiastic she was about cryptocurrencies and NFTs. She launched her own NFT collection and sold The Iconic Crypto Queen in April 2021 for as much as $ 1.1 million. She has reportedly also bought about 150 NFTs for herself.

Kim Kardashian (41): The woman with the bottom as big as it is famous, asked her 250 million followers on Instagram: “Are you into crypto?” She then promoted the hitherto largely unknown token “EthereumMax”.

Kardashian was sued. The suspicion: she should have artificially inflated the currency with her post. In fact, EthereumMax’s price rose 1370 percent in the two weeks following Kardashian’s tweet. Now it is almost worthless.


A money magnet: Kim Kardashian.  She advertised for a dubious cryptocurrency and was sued for itFoto: Kim kardashian / Instagram

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A money magnet: Kim Kardashian. She advertised for a dubious cryptocurrency and was sued for itPhoto: Kim kardashian / Instagram

Charles Randell (64), then chairman of the British Financial Services Authority: “Your post was possibly the financial ad with the largest single reach in history.” You asked your followers to speculate with an unknown cryptocurrency whose authors were unknown.

Floyd Mayweather (45): The former boxing champion who claims to be worth over a billion euros also wanted to cash in on “EthereumMax”. He also pointed out the crypto token to its 28 million followers.

Charles Randell: “Influencers on social media are often paid by scammers to speculatively inflate new tokens and then throw them in the trash.” Mayweather was also sued.

Matt Damon (51): Hollywood’s clean man also looks pretty dirty when it comes to crypto. He had promoted cryptocurrencies with a 60-second commercial in October 2021 and at the Super Bowl in February, encouraging his fans to speculate: “Fortune favors the brave,” he said.

Damon was then hit hard on Twitter. The accusation: How could such a rich man for a small side income ask people to put their savings into such a risky investment?

After imploding by more than half, bitcoin is back in the firing line. American journalist Jon Schwarz tweeted: “Anyone who invested $ 1,000 in Bitcoin when Damon’s commercial premiered would have $ 554 left now …”

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