Cryptocurrencies were a null investment medium initially, but it has gained a lot of popularity for this new year. However, the crypto market has been affected by crypto scams in several aspects.
Some celebrities like Kim Kardashian speak well about crypto and how vital their trade is. But billionaires like Elon Musk speculate on tokens and make their value skyrocket. But not everything is perfect because just as there are promoters of crypto business, there are also scammers.
Gerard, the nickname of a crypto critic, thinks that people have suffered from the Bitcoin crypto scams for a long time, like Xlcoins scams in 2011 or the most recent theft with the Faze token. This latest scam caused many people to participate in a fraudulent contest where the jackpot would be $10,000.
Community unhappiness over crypto scams
The investor community has shown their discontent over the crypto scams involving celebrities. While not all tokens are not a scam, these new celebrity promotions are. Celebrities use their image and reputation for fraudulent investment offers.
The way scams work, according to Gerard, is by offering payment to celebrities for promotion. Celebrities accept the job offer whether or not the cryptocurrency works.
Separate crypto community
This crypto scam involving celebrities sets the digital asset community apart. On the one hand, there are the people who blindly trust the new altcoins, and on the other, the intelligent investors. Every month, ten altcoins are created that are advertised by celebrities on social media or the big screen.
Another topic touched on several times in the crypto community is celebrity speculation. Elon Musk, the SpaceX founder and Tesla CEO, is at the forefront among the cryptocurrencies promoters. Musk has contributed in an excellent way to the crypto market and affects the token’s sentiment.
The billionaire made Dogecoin, the cryptocurrency meme, a top 10 favorite this year. With Musk’s support, the token is trading today at $0.24.
However, Musk has also affected the Bitcoin price after refusing to use it as payment on Tesla vehicles. This happened after he accepted such payments, but then he changed his mind and said that BTC mining was not green. For these actions, the cryptocurrency market is resentful with Musk, and it has been agreed not to pay attention to his speculation.
Crypto investors must ignore advertising for them to emerge in the real crypto market. Crypto scams will decrease over time, and Bitcoin-like another crypto will gain more credibility.