Cryptocurrencies have continued to gain popularity globally with major companies and governments acknowledging them as a currency. Investors and miners of the virtual currencies are taking it a notch higher by using influencer marketing in a bid to boost its uptake.
With digital marketing becoming one of the most popular techniques of marketing, the use of influential persons to promote brands on social sites is at an all-time high.
Social media influencers such as Kim Kardashian have recently been used to promote cryptocurrencies through their social media pages.
With a large following of 228 million on her Instagram page, she has the capacity to reach millions. The celebrity recently posted an ethereum max advert on her page and asked her followers if they were into crypto.
Other famous personalities who have marketed cryptocurrencies include Floyd Mayweather, American professional boxer, YouTube stars Paul and Loren Gray, and the D’Amelio family who are popular on TikTok. Many young people are also increasingly investing in crypto which may or may not be attributable to social media marketing.
Cryptocurrencies have in the past both benefited and lost from sentiments made by influential people.
In January this year, Elon Musk changed his Twitter handle to ‘bitcoin’ resulting in a 13 percent increase in its value. His tweets on Dogecoin also resulted in a significant increase in its value. His negative sentiments on both bitcoin and Doge would later bring both their values tumbling down.