Marketing through Celebrity Endorsements

You’ve probably heard of Bitcoin by now. It’s an innovative payment network and a new kind of money, according to bitcoin.org. But this isn’t exactly about Bitcoin. It’s about cryptocurrency as a whole, and the variety of ways it’s taking advantage of age-old marketing strategies. In this case, we’re talking about celebrity endorsements.

Recently, Floyd Mayweather entered the ring and began promoting Stox, an open source platform where users can predict the outcome of finance, politics and sporting events. Using his Twitter and Instagram accounts, Mayweather bragged that he would make a lot of money through Stox’s ICO (Initial Coin Offering). While we don’t know how much he made exactly, it’s clear that his social media reach helped garner some momentum for the cryptocurrency.

The reality is, we may see more celebrity endorsements of cryptocurrencies in the future. Is it a good form of marketing for the currencies? And how will it affect the celebrity in the long run? What do you think?