Idris Elba, the famous British actor and filmmaker, observed the cryptocurrency frenzy unfold during the pandemic. Many celebrities seized the opportunity to endorse crypto businesses and create their own non-fungible tokens (NFTs) or crypto coins, hoping to profit from the fervor. However, Elba chose to abstain, feeling uncomfortable with being used solely for monetary gain. This decision turned out to be wise, as the crypto industry experienced a significant decline over the past year and a half, with multiple high-profile failures and regulatory crackdowns tarnishing its reputation.
This period of decline in the crypto industry is referred to as a “winter” in crypto circles, with the implication that it will eventually pass. However, the celebrities who endorsed crypto services are facing heavy criticism for their role in legitimizing products that ultimately caused significant financial losses for many people. FTX, a prominent crypto exchange whose founder is facing fraud charges, recruited celebrities like Tom Brady, Shaquille O’Neal, Gisele Bündchen, and Larry David to promote their brand. Some of these celebrities are now being sued for allegedly failing to conduct due diligence on FTX. Furthermore, the US Securities and Exchange Commission has charged several celebrities, including Lindsay Lohan, Ne-Yo, and Akon, with illegally promoting crypto coins without proper disclosure of payment.
Despite the negative fallout for celebrity endorsers and the overall slump in the crypto industry, Idris Elba remains interested in cryptocurrency technology. He expresses curiosity about how crypto’s technical infrastructure could help address financial inclusion issues in West Africa, the region where his parents originate from. Elba sees the potential of crypto, sitting on a decentralized blockchain ledger, to break down the barriers that hinder financial access and empower emerging markets like Africa. His focus goes beyond personal financial gain, as he envisions the transformative impact of crypto on underserved communities.