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Celebrity endorsements are extremely popular in most industries. An endorsement by a well-known athlete, entrepreneur, or musician can bring trust in a product or service. This explains why many companies in the cryptocurrency industry like Binance, FTX, and Crypto.com have spent millions on celebrities like Matt Damon and Jimmy Butler.
Unfortunately, many crypto scams have exploited the trust that people have with celebrities. They do that by partnering with real celebrities or by impersonating them. For example, in 2018, the Securities and Exchange Commission (SEC) fined Floyd Mayweather and DJ Khaled for illegally touting Initial Coin Offerings (ICOs).
Some of the other top celebrities who have been linked with cryptocurrencies are Elon Musk, Bill Gates, Mel Gibson, and Martin Lewis.
As a result, many regulators have started scrutinizing influencers and celebrity messaging on top assets like cryptocurrencies, forex, and stocks. In Australia, the financial markets regulator warned that celebrities and influencers could face jail time for offering financial advice.
Top 5 celebrities endorsing crypto robots - is it legit?
A crypto robot is a piece of software that is used to automate the trading process. A bot can analyze a financial asset and then execute a trade. It can then set risk management tools like a stop-loss and a take-profit.
Anyone can build a trading robot. However, most traders prefer using a bot that has been built by a professional trader. Some of the most popular bots are Bitiq, Bitcoin Era, and Bitcoin Evolution among others. But, are all of these robots like BitIQ scam or not?
While many bots are genuine, most of those offered in the market are not. To reach as many users as possible, most developers claim that their bots have been endorsed by a celebrity or celebrities. Here are some of the top celebrities who are claimed to have endorsed crypto robots.
Tony Fernandes is a leading Malaysian entrepreneur who founded a company known as Tune Air, the parent company of AirAsia. According to Forbes, he has a net worth of over $650 million. In a viral online post, it was claimed that Fernandes had partnered with Crypto Boom, an automated crypto robot. However, a closer look into the details revealed that he had not made the endorsement.
Elon Musk has been openly supportive of cryptocurrencies like bitcoin and dogecoin. As the richest person in the world, many developers have attempted to market their bots using his name. One of these bots is known as Quantum AI. The robot’s name is made to imply that it is associated with Elon. However, he has never mentioned it in any interview or shared about it in social media.
Snoop Dogg is a famous musician and entrepreneur who has made millions in the crypto and NFT industries. He has also made several investments in the crypto and blockchain industries. As a result, many scammers try to use his name or images to sell their cryptocurrency bots. However, like Musk, he has not invested or endorsed any cryptocurrency bot.
Jeremy Clarkson is a famous British journalist who focuses on the auto industry. He became famous for hosting Top Gear on BBC. As a result, he has millions of followers on social media. He has also been associated with Bitcoin Revolution, another cryptocurrency bot. However, he has never mentioned about the bot and is not associated with it.
Bill Gates is a billionaire who founded Microsoft. A closer look online shows that several bot developers have claimed that he has endorsed their apps. Some of these bots are Crypto Revolut and Today Profit. However, Bill Gates has never endorsed any cryptocurrency or a bot. In previous statements, he has expressed concerns about cryptocurrencies.
Should you trust celebrity endorsement of cryptocurrency bots
It is not recommended to trust celebrity endorsement of both cryptocurrencies and bots for several reasons. First, you should always do your research to verify whether the product they are promoting is genuine or not. At times, some celebrities just receive cash and market products that simply don’t work.
In case of a bot, you can solve this challenge by taking it through a test mode to see how effective it is. A demo is an online account that has real data but fake cash. You should run the bot in it for a few weeks to prove that it is not a scam.
Second, at times, some of these celebrity endorsements are not real. For example, a developer can just write the celebrity’s name in the website. Most advanced scammers can also use a celeb’s deep fake that appears to endorse the bot.
Finally, do further research to ascertain whether the celebrity really endorsed the bot. You can even reach out to them directly via social media.
Crypto robots are popular tools used to automate the trading process. In this article, we have looked at some of the top celebrities who are thought to have endorsed cryptocurrency bots and explained why most of these claims are not true.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.