You might have seen different ads on TV or online of celebrities endorsing cryptocurrency including stars like Matt Damon, Kim Kardashian, Tom Brady, Elon Musk, and more. Though there is a big club of celebrities endorsing crypto, one actor is speaking out against digital currency.
You may recognize the actor Ben McKenzie from hit shows including “Gotham” and “The OC” but he is becoming known for speaking out against cryptocurrency. McKenzie is advocating against cryptocurrency and spreading awareness for the dangers behind investing in untraceable currencies.
Cryptocurrency is fairly new meaning it is a largely unregulated market with a vast potential for manipulation and possibly falling prey to an online scam. McKenzie has dedicated his time to writing op-eds and criticizing celebrities that are being paid to endorse in cryptocurrency.
With many celebrities supporting cryptocurrency, McKenzie stands out as a critic and doesn’t support cryptocurrency. Celebrities endorsing products is nothing new but supporting the cryptocurrency is endorsing a financial instrument that is unregulated. If the unregulated investment vehicle turns out to be a fraud or scam, celebrities can be implicated as being supporters of scamming their fans and followers.
Celebrities are seen in an untouchable light by loyal fans that will do practically anything they say including investing in cryptocurrency even though they don’t know much about this developing financial tool. Most celebrities see promoting crypto as a simple endorsement deal but can be financially damaging like Kim Kardashian’s promotion deal with EthereumMax.
Kardashian promoted the EthereumMax cryptocurrency on Instagram encouraging millions of her followers to invest and within days of the promotion, the value of EthereumMax plummeted. McKenzie believes that Kardashian agreed to the promotion with no intention of deceiving her fans, but he uses this case as an example of the influence celebrities have on fans even with a developing digital currency.
McKenzie started researching cryptocurrency when spending more time at home during the lockdown in response to the pandemic and he fell into an infinite abyss of shocking discoveries. McKenzie’s research led to a partnership with a reporter at The New Republic, Jacob Silverman, working together on a book about cryptocurrency.
Silverman was shocked hearing from McKenzie requesting to have an open discussion of crypto and both agreed a crash in crypto is coming. The crypto duo shares concerns surrounding the use of the cryptocurrency that could lead to a crash and devalue investments at any moment. The question of whether a crash happening isn’t if but when and to what degree of impactful loss.
McKenzie and Silverman express concerns about cryptocurrency being invested for pension funds and if the market bursts, more people not directly investing in cryptocurrency may experience a massive loss. The Great Depression serves as precedence in a case if the market is to crash in which the banks were bailed out while individuals weren’t compensated.
McKenzie plans to continue his acting career but for now, is working on revealing what he believes to be the biggest fraud case in history through investing in cryptocurrency. McKenzie plans to start acting again once he reveals his findings in the hope of helping people from getting scammed.
