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Cryptocurrencies are gaining popularity at a fast rate in recent times. A cryptocurrency is a form of electronic currency that uses a digital ledger to record its transactions. Third parties like the Central banks do not have control over cryptocurrencies.
The growth rate and profitability of these currencies have attracted the attention of many people. Nowadays, many celebrities are already in the crypto business. This article will expound on the famous people who have invested in crypto-related projects and how they are making large sums of cash from them.
Which Celebs are Involved in Cryptocurrency-related Businesses?
Many celebrities have confirmed either having stashes of cryptocurrencies or promoting crypto-related projects and businesses. Below are the famous people who are involved with cryptocurrencies and are making a fortune from them.
US rapper Curtis Jackson, alias 50 Cent, told TMZ in 2014 that he was reaping the fruits of joining the Bitcoin era early. He had decided to accept Bitcoin for his album, “Animal Ambitions” which reportedly earned him around 700 units of Bitcoin. Curtis never sold it for fiat currency, and now his stash matured to about $7 or $8 million. This cryptocurrency saved him when he announced bankruptcy in 2015.
Snoop Dogg is also one of the first celebrities to get into Bitcoin transactions. In 2013, Snoop was selling his music albums at 0.3 BTC. It is not clear how many albums he had sold at that price. But he is one of the many celebrities who have benefited much from Bitcoin. He also made an appearance during the launch of XRP. He has also announced that he has taken his spending to 100% cryptocurrency.
Ashton Kutcher has invested inUnikoinGold. He has also invested in other cryptos projects like Airbnb and Bitpay. In May 2018, he gave Ellen DeGeneres $4million in XRP for her wildlife charity movement. XRP is one of the largest cryptocurrencies in the world currently in terms of market cap. Ashton and his wife Mila Kunis revealed that they had invested in cryptos over the past eight years.
Well-known boxer Mike Tyson has also invested in Bitcoin and produced Bitcoin ATMs. He also took to Twitter to ask his followers which coin they would prefer between BTC and ETH. Tyson is not a newbie in the crypto world since he commented on having invested in NFTs. He is one of the early trendsetting celebrities to invest in cryptos and blockchain technology.
Has Anyone Become Rich From Cryptocurrencies?
The Cryptoboom in the last decade saw some individuals gain billionaire status. In under ten years, the value of Bitcoin rose from under $10 in 2010 up to $20,000 in 2018. According to Investopedia, billionaire Michael Novogratz announced a crypto fund worth $500 million in which a total of $150million came from his fortunes. He also has invested 30 percent of his net worth in cryptocurrencies.
The Winklevoss Twins
Tyler and Cameron Winklevoss invested the millions of dollars that they had won in a lawsuit against Facebook in cryptocurrencies. According to New York Times, they bought Bitcoin worth $11 million in 2013. The Bitcoin surge in late 2017 made them the first people to become billionaires from crypto investments. The twins also own a crypto exchange platform called Gemini which they launched back in 2015.
In 2013, Dan Morehead founded Pantera capital, a crypto-focussed fund. He has made profits of up to 24,000% for its investors since its launch. Through trades in tokens and other projects related to blockchain technology, this company has managed to get a market valuation of over $500million.
How are celebs making so much from cryptocurrencies?
Celebrities are not just buying and holding cryptocurrencies. They are also seeking other ways of raising money including, trading non-fungible tokens (NFTs). NFTs are digital representations of physically represented assets on a blockchain.
They can vary from artistic work, social media posts, or any other digital asset. The owner of an NFT can allow other people to redistribute them, but he owns the rights to the NFT. This exclusive feature renders the NFTs worth millions. The traders sell their most unique pieces of work at the highest prices, and the price reduces subsequently for the other series of work.
The Growing NFT Market
In 2020, the NFT market tripled to reach $ 250 million, and it is still growing. As per Dapp Radar, trading volumes of NFTs were as high as $342 million in February 2021.
One of the first celebrities to show interest in NFTs is William Shatner. He made 10,000 NFT cards back in July last year. These cards amounted to 125,000 total NFTs, and they featured his career and life. Those cards sold in under nine minutes since he sold a 25 card pack at $25. However, their resale value has skyrocketed, and he has sold one of the rarest cards at $6,800.
PARIS HILTON, the owner of LydianCOIN, said that she was anticipating joining the crypto era in September 2017. Paris Hilton also took to her Twitter account earlier this month to announce that she was happy to launch her first-ever NFT. However, she had tried out the NFT market sometime in 2020 when she sold a drawing of her cat over the NFT platform Cryptograph for 40 ETH and donated the proceeds to charity.
Melania Trump, the former first-lady has also entered the NFT game. She recently announced her NFT collection on personal platform.
To sum up, we all can see that celebrities like Melania Trump, Snoop Dogg, Paris Hilton, and 50 Cent have made a windfall of cash from cryptos. Cryptocurrency markets have also experienced skyrocketing prices due to statements made by influential people like Elon Musk about backing them. You should feel encouraged to invest in cryptos since when an investment gets backing from famous people, its chance of failing is almost zero. Celebrities have a large fan base, and their followers tend to imitate their financial and social lives. Do not wait to be left out, be part of the crypto-era too.