Celebrity effect could influence public to move to cryptocurrency

Elon Musk, the world’s richest man, as well as the founder of Tesla, has repeatedly talked about cryptocurrency on social media, and claimed to be a Bitcoin supporter. Apart from Bitcoin, he praised Dogecoin on Twitter: “Dogecoin is the people’s crypto.” His remarks once again triggered Dogecoin price to surge nearly 60% , within an hour, which we can observe that Elon Musk’s effect may be higher than those of the Wall Street financial investors.

There are other celebrities in the entertainment industry who are eager to invest in cryptocurrency, and even have invested a lot of money in it. For example, last year, the well-known rapper Megan Thee Stallion posted on Twitter that Bitcoin is a very smart investment; According to Yahoo Finance, a famous American rapper LL Cool J and other celebrities such as Billionaire Paul Tudor Jones, former president of Pepsi-Cola Indra Nooyi, etc have launched a new venture capital crypto fund.

People who want to participate or who have never thought of investing in cryptocurrency may be tired of listening to the endorsements from financial investors. However, with the promotion of these celebrities from other sectors, it can attract people from different ages to understand cryptocurrencies. Megan Thee Stallion has 5.8 million followers on Twitter, which her influence is definitely not lower than other well-known Wall Street speakers, meaning that celebrity effect is capable of triggering a trend of “buy crypto” ,as well as bringing cryptocurrencies to the mainstream.

TideBit is a leading crypto asset exchange supporting fiat currency.