Kim Kardashian, another famous person who is expensive to bet on cryptocurrencies

New York, Oct 3 (EFE) .- Kim Kardashian today joined a long list of celebrities who have found it expensive to support cryptocurrencies, although in her case it is not just a matter of image, but literally it goes to suppose disbursing more than 1 million dollars.

Kim Kardashian.  (Photo by Stefanie Keenan/Getty Images for This Is About Humanity)

Kim Kardashian. (Photo by Stefanie Keenan/Getty Images for This Is About Humanity)

Before her, celebrities such as Matt Damon, Gwyneth Paltrow or Elon Musk have also opted for this adventure, and although they did not lose money (as far as is known), they did lose credibility and received strong criticism.

Kardashian, who has 331 million followers on Instagram, has to pay $1.26 million as part of a settlement with the US Securities and Exchange Commission (SEC) for promoting a cryptocurrency on her Instagram account without disclosing that he had been paid for the promotion.

Kardashian additionally agreed not to promote crypto securities for three years and pledged to participate in an ongoing investigation, the regulator noted.

“Ms. Kardashian’s case serves as a reminder to celebrities and others that they are required by law to disclose to the public when and how much they are paid to promote securities investing,” said SEC Chairman Gary Gensler, in a statement.


Other Hollywood cryptocurrency promoters like Matt Damon, Reese Witherspoon, and Gwyneth Paltrow have been criticized for promoting cryptocurrencies without highlighting the risks.

Bitcoin, the virtual currency with the highest value in the market, reached its historical maximum last November when it stood at more than 65,000 dollars, but it collapsed to 20,00 dollars in June and this Monday it was trading at 19,354 dollars, according to the specialized portal CoinDesk .

The last Super Bowl, the sporting event of the year for the United States, received the nickname “Crypto Bowl” because many commercials, which pay up to 7 million dollars for 30 seconds on the air, were precisely from this new industry that is still unknown by Many.

“Fortune smiles on the brave,” Damon said in an ad for, a Singapore-based cryptocurrency trading app.

In that advertising “spot”, he compared the investment of virtual money with great milestones of humanity such as the crowning of Everest, aviation and space flights.

For their part, actresses Gwyneth Paltrow and Mila Kunis came together via Zoom in January to encourage 5,000 women to enter the world of cryptocurrencies, which they said was dominated by men.

Reese Witherspoon also received a lot of criticism when cryptocurrencies began to plummet in value this year, as in December 2021 she had tweeted: “Cryptocurrencies are here to stay.”

“I am committed to supporting creators who have pioneered the NFT (non-fungible techen) space and encouraging more women to be part of the conversation,” the tweet read, referring to these virtual art objects that are often purchased with cryptocurrencies.


In 2021, Elon Musk, who has more than 107 million followers on Twitter, boasted that every time he wrote a tweet “cryptocurrency prices went up 10 points”.

These types of controversial statements have cost him much criticism and even a lawsuit by an investor last June, who demands the businessman and his companies Tesla and SpaceX 258,000 million dollars in damages for considering that he was the victim of an alleged scam plan. pyramid scheme to support the Dogecoin cryptocurrency.

This digital currency was around $0.05 today at noon and its highest value, far from its maximum value, $0.722, reached on May 7, 2021, according to Coin Desk.

(c) EFE Agency


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