45% of Crypto Owners in the U.S. Take Celebrity Endorsement Seriously
As it turns out, most crypto owners are gullible. They would blushingly likely invest in a crypto asset simply because a celebrity endorses it. Think of Kanye West or Kim Kardashian backing a periphery asset that then pumps due to the paid promotion.
A survey by Morning Consultant revealed that 45 percent of the 2,200 crypto holders and participants would invest in a crypto project simply because it has a celebrity endorsing it. If not, it turns out only 20 percent of those surveyed would have invested.
Even so, a more considerable percentage would invest in a cryptocurrency following the advice of a family member (75 percent) or a financial advisor (81 percent).
Influencers are routinely paid to promote a product, inclusive of digital assets. The problem is, as they post crypto, 'endorsing' digital assets, they are mainly after the paycheck and not a true believer of what the project stands for.
With the percentage of crypto holders susceptible to possible tricksters, the SEC warns paid influencers to make disclosures lest they are prosecuted. In the recent past, T.I, DJ Khaled, and boxer Mayweather have been charged for promoting projects that were scams, defrauding investors.