As cryptocurrency rises in prominence, coin exchanges are experimenting with marketing campaigns from Floyd Mayweather, Kim Kardashian, and other influencers.
An advertisement for EthereumMax — a digital currency that launched last month — appeared on Kardashian’s Instagram account.
As captured in a screenshot taken by CNBC, the ad said:
Are you guys into crypto???? This is not financial advice but sharing what my friends just told me about the ethereum max token! A few minutes ago ethereum max burned 400 trillion tokens- literally 50% of their admin wallet giving back to the entire e-max community.
EthereumMax also sponsored boxer Floyd Mayweather’s recent fight with Logan Paul. The athlete drew boos at the Bitcoin 2021 Conference after he hinted that “there’s gonna be another cryptocurrency just as large as bitcoin someday.”
Likewise, cryptocurrency platform Gemini paid influencer Charli D’Amelio and her family — who have over 114 million TikTok followers — an undisclosed amount of bitcoin to endorse the company. A spokesperson told Business Insider that the firm works with the “influencer community” to help “educate their followers about cryptocurrency and promote the Gemini brand.”
Indeed, bitcoin and other cryptocurrencies — which are transmitted virtually and use encryption to ward off counterfeiters — are growing increasingly influential in the global economy.
As investors place bets on digital currencies, leading firms — such as PayPal — are beginning to accept bitcoin and facilitate its usage in tandem with the dollar.
Accordingly, governments and central banks are formulating their responses to the new currencies. Some — such as Norway and Singapore — are home to sovereign wealth funds that are purchasing bitcoin. Others — such as China, Ecuador, Thailand, and Saudi Arabia — are discouraging the official use of cryptocurrencies while testing their own “central bank digital currencies.”
Most recently, El Salvador became the first nation to adopt bitcoin as an official medium of exchange. Salvadoran President Nayib Bukele endorsed the currency as a means to “generate jobs and help provide financial inclusion to thousands outside the formal economy.”
Bitcoin entrepreneur Jack Mallers — who is helping the small Central American nation with its foray into cryptocurrency — wants to ensure that El Salvador remains independent from inflationary pressures caused by fiat currencies.
“Central banks are increasingly taking actions that may cause harm to the economic stability of El Salvador,” Mallers read from the Salvadoran legislature’s bill during the Bitcoin 2021 Conference. “In order to mitigate the negative impact from central banks, it becomes necessary to authorize the circulation of a digital currency with a supply that cannot be controlled by any central bank and is only altered in accord with objective and calculable criteria.”