Crypto has made its way into pretty much every major industry. So it comes as no surprise that it has evidently made its way into Hollywood. Now, the stars are announcing their investments in crypto. The gains that crypto brings cannot be overestimated and even the rich and famous do not want to miss out on it.
Recently, A-list actress Reese Witherspoon took to Twitter to announce her entrance into the crypto world. The two-time Oscar and eight-time Golden Globes award winner revealed that she had made her first-ever purchase, which was Ethereum.
Related Reading | Bitcoin At $100,000, Ethereum At $5,000 Is Path Of Least Resistance, Says Bloomberg Crypto Analyst
Witherspoon’s revelation opened the floodgates, as replies ranged from people congratulating her on this journey to people downright shilling their coins to her. The actress follower count also saw an uptick after the tweet went live. Crypto Twitter seemed to have come out en masse to welcome the actress.
Just bought my first ETH! Let’s do this #cryptotwitter
— Reese Witherspoon (@ReeseW) September 2, 2021
Related Reading | Venture Capitalist Bill Gurley Takes Personal Position In Ethereum, Here’s Why
At this point, it is safe to say that Witherspoon has been pitched almost every crypto token worth mentioning in the market. Amid this was Logan Paul who offered to show the actress around the NFT world. Paul had replied to Witherspoon asking for her ETH address so he could gift her first NFT project, World of Women.
welcome to the club Reese ?? DM me your Eth address, I’d love to gift you this @WorldOfWomenNFT because y’all could be related. And it’d be badass for your first NFT project pic.twitter.com/epA0EZQdXG
— Logan Paul (@LoganPaul) September 3, 2021
Celebrities Jumping Into Crypto
Witherspoon is not the only celebrity that has jumped on the crypto train. Notable names have been world-renowned boxer Mike Tyson showing support for digital assets. 50 Cent, an American hip-hop star, back in 2018, had revealed that he had forgotten he had a stash of bitcoins. The coins were paid to him for his fifth studio album “Wild Ambitions” when the rapper had agreed to accept payments in bitcoin. The bitcoins which he had gotten in 2014 at $662 were worth about $8 million when the rapper rediscovered it in 2018.
Related Reading | Deloitte Survey Shows 76% Of Finance Execs Think Physical Money Is Nearing Its End
Other notable names include Busta Rhymes. Mr. Rhymes had first shown interest in the market back in July. He had asked his followers on Twitter how they felt about crypto, which caught the attention of notable names in the community such as Elon Musk and Michael Saylor. Later on, the rapper had tweeted confirming that he had indeed gotten into crypto after doing his research and now holds bitcoin.
Why Notable Names Are Important
Although most would argue that crypto does not need big names to soar, the opposite is very true. The world which we live in today is completely governed by having information at our fingertips and with so much information coming at us at the same time, people will tune out most things. But people will listen to prominent people.
Crypto going mainstream will be a faster process once people start seeing their favorites getting in on it, which in turn says to their fans that the market is something they should get into.
ETH price resting above $3,900 | Source: ETHUSD on TradingView.com
The 24 hours following Witherspoon’s announcement has seen the price of Ethereum test the $4,000 resistance point. Although the asset took a beat down at this point, it has posted an upward recovering which now puts the asset in the $3,900 trading range.
Featured image from Bitcoin News, chart from TradingView.com