There is no shortage of celebrities who have advocated cryptocurrency as the future of money, who have been actively involved in its publicity, active development or mere speculations. From artists like Ashton Kutcher to Kanye West, recent years have seen a surge in the number of speculators, traders and active participants taking the blockchain economy to a whole new level, many believe that from this year upwards we could see an increasing amount of valuations added to the space.
Celebrity Infused Cryptocurrency Space At The Moment
In the early days of the blockchain not too many people could easily associate themselves with the industry, it’s widely believed at the time that the space belongs exclusively to the tech community, the engineers, developers and the entrepreneur who wishes to explore unfamiliar grounds but thanks to boom of 2017, a lot of such stances have changed driving notable individuals and celebrities known round the world into the industry.
One of such fine celebrities is none other than popular British actor Hugh Laurie well known for his role as Gregory House, having followed the advice of his friends to purchase Bitcoin worth $5000 around 2015 at this time it was starting to rock in value.
Who is Hugh Laurie?
James Hugh Laurie, is an actor, director, singer, musician, comedian and author, popular for taking the role of the Gregory House title character on the Fox medical drama series “House” (2004–2012), for which he received two Golden Globe Awards, nomination as well as several other winnings.
The reputed actor who has featured in numerous films and TV shows is rumoured to have a net worth close to almost $50 million. He joins a select group of hollywood stars who has trusted this decentralized technology early on.
Hugh’s involvement with crypto began as far as 2015. It was at a time when Bitcoin was just starting to gain momentum among users outside the tech community. It established him as one of the early voices calling for adoption when the currency was relatively unknown.
Why Hugh was successful in his investments in cryptocurrency?
A lot of newbies skip this important process of gathering knowledge before going into the market to pick their first coin. A lot of people do not have advisers that actively guide them to the path of least or no destruction. Many inexperienced hands have the wrong knowledge of the market and that the space is essentially a Do It Yourself (DIY) type of investment which doesn’t need the help of an external experienced player who is well grounded and vast. Research has found out that this may be the case as the loss experienced by this set of newbies isn’t reducing.
According to popular investment website Investopedia, as much as $9 million is lost each day to Bitcoin scam, the top cause lies in the naiveness of new entrants and the obvious lack of guidance. In a 2019 study by Bitcoin.com News, $1.36 billion worth of Bitcoin and alternate cryptocurrencies have been stolen by fraudsters during the first months of 2018.
30% constitutes of fraudulent scams with fake fancy website and sometimes well worded Whitepapers, 22% hacking attempts as decentralized autonomy of the blockchain attracts thieves who are constantly motivated by the high liquidity that could be found within the system, a recent case of Kucoin exchange that have lost well over $150 million in one swipe in latest hacking attempt, 17% each for theft and exist scams which are common phenomenals bedeviling the blockchain economy and phishing attempts which consist of 13%.
Lessons to learn from Hugh Laurie’s investments in Cryptocurrency
Hugh Laurie would only get involved in the cryptocurrency sector and bought his first coins after he had gone through the following steps with the help of a friend who acted as an advisor to him at the time.
The need for a comprehensive research can’t be overstated. New traders are encouraged to carry out studies for themselves, treat advice as speculations, new projects as potential scam until proven otherwise. With good research, chances of getting scammed is reduced drastically upto 90% or more.
2. Verification and Validation
Verify all claims, only trust those who are ahead of you in the industry, who are really trustworthy and have got proven track records, verification does not take the place of thorough research as both can work hand in hand.
Being patient with the space and taking your time saves you from getting scammed compared to being in a haste. Scammers take advantage of impatient investors, Hugh Laurie may have been exposed to the blockchain, Bitcoin and cryptocurrencies earlier but it took him around 2015 to buy his first ever Bitcoin worth $5000 which in today’s rate is worth around $168,000.
Bitcoin penetration into entertainment and pop culture is becoming more and more apparent with the involvement of celebrities all over the world. It brings in the much needed attention to the currency as more global adoption is anticipated in the future. Advice shared within the space from experts could come in quite handy who know the market very well and can interpret correctly at various times as this could lead to a lucky break or save you from a potential loss of funds.
Hope you enjoyed reading Hugh Laurie’s journey with Cryptocurrency and learnings. In case you would like to read our last article in this series on ‘Pitbull ’ feel free to read it here.