Reese Witherspoon, Paris Hilton Jump on to the Crypto Bandwagon

Cryptocurrency has garnered the attention of entrepreneurs and celebrities alike. Oscar-winning actress Reese Witherspoon said recently that she has bought her first Ethereum coin. This was followed by yet another celebrity, the socialite-entrepreneur Paris Hilton, who shared her love for Bitcoin on Twitter. Ethereum and Bitcoin are the two top cryptocurrencies in terms of market capitalisation.

Witherspoon, however, did not disclose the amount she invested in Ethereum. As of September 4 (3:50pm IST), Ether price in India stood at Rs. 2.99 lakhs.

Announcing her “love” for Bitcoin, Hilton shared a tweet by Michael Saylor, the largest corporate backer of the cryptocurrency. Saylor’s post read, “Diamonds may be your best friend, but Bitcoin is forever.” As of September 4 (3:50pm IST), Bitcoin price in India stood at Rs. 38.23 lakhs.

The tweets have arrived as cryptocurrency prices leave behind the market crash it suffered in May, when most digital coins lost a huge chunk of their value, and appeared poised to rally again. Some coins are already showing signs of their determination. According to CoinMarketCap, Bitcoin was trading above $50,000 (roughly Rs. 37 lakhs) on September 4, a gain of nearly $12,000 (roughly Rs. 9 lakhs) from a month ago. Similarly, Ethereum has gained more than $1,400 (roughly Rs. 1 lakh) since August 5.

Many people welcomed the two celebrities into the crypto world. Among them was YouTuber Logan Paul, who offered Witherspoon an NFT from the World of Women collection.

Hilton has for some time highlighted her support for Bitcoin. She had previously welcomed NFL legend Tom Brady “to the team” after he changed his profile picture to include laser eyes. The laser eyes mean that the person donning the look is ‘laser-focussed’ on seeing Bitcoin price reach the $100,000 (roughly Rs. 73 lakhs) mark.