Crypto News | Branson Slams Fake Crypto Endorsements

Celebrities and cryptocurrencies don’t mix well. Undoubtedly, there are many celebrities who secretly own at least a small amount of crypto, but those are not the celebrities we should be worried about. Sir Richard Branson, the founder of Virgin Group, has recently voiced his concerns about fake crypto endorsements. Just like many other popular industry leaders, Branson’s name has also been used against his knowledge to promote a number of crypto-related scams. Instead of decreasing, the number of fake ads and scam stories seems to be on the rise, a trend which Branson said was “worrying”. Branson vented his frustrations about fake crypto endorsements, fake binary trading schemes, and fake websites, in a blog post rather superfluously titled “Beware of Fake Bitcoin Scams.” He warned his readers to always stay vigilant. He did say that he has frequently commented on the many potential benefits of real crypto breakthroughs and developments, but that readers should be very critical of sites that he is endorsing some kind of get-rich-quick scheme.

Meanwhile in Korea, only days after it was revealed that ICOs may soon become legal again in the country, the Bank of Korea has issued an official confirmation that it is currently conducting an exhaustive study into cryptocurrencies. Some outlets have even reported that the Bank of Korea is considering the introduction of a Central Bank Digital Currency (CBDC) before July. These developments could lead towards a cashless future for Korean citizens, seeing as the central banking institution had previously publicly announced a public pilot program, somewhere in the future, to explore the potential of blockchain technology when it comes to creating a cash-free society.

And while the plans that Ethiopia is making are not quite as ambitious, for the struggling nation they are every bit as important. A recent popular post on Reddit (TIL) talked about how Hugh Jackman created his own coffee brand (Laughing Man) to make sure that small farmers in third-world countries would have a market for their products. All of the profits are donated to various charities. Jackman’s initiative was inspired by an Ethiopian coffee farmer. In Ethiopia, coffee is the number one export, and for people who care about where their coffee comes from, especially for those who support brands like Jackman’s Laughing Man, tracking the supply chain effectively is the only way of knowing that you are not in fact being duped.

Lastly, let’s just take a moment to take a look at the crypto market. The majority of the top cryptocurrencies are on the rise, with analysts expecting BTC to break $12,000 if it passes the $10,000 resistance. As of press time, one BTC is selling for $9,908. ETH is also looking bullish. Currently at $820, it should encounter minor resistances around $900 and at $1,000, aiming for $1,100+.


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Author: Max Rothstein

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