Celebrity hype is something that cryptocurrency doesn’t seem to be short of.
From rapper 50 Cent flaunting his accidental millions made from forgotten Bitcoin sales in 2014, to actor Jamie Foxx promoting a token sale of free cryptocurrency trading exchange Cobinhood, it seems like cryptocurrency has its own star-studded cast.
American actor Steven Seagal is the latest personality to jump on the bandwagon and he is already miles ahead of his celebrity peers when it comes to cryptocurrency endorsement.
In a Twitter post on Feb 19, Seagal announced that he had become the worldwide ambassador for newcomer cryptocurrency Bitcoiin 2nd Generation (B2G) ahead of its initial coin offering (ICO).
From Team Seagal Steven Seagal has just become the worldwide ambassador for the Bitcoiin 2nd Generation crypto currency. Press Release https://t.co/aY13wDCbzh You can sign up for the Bitcoiin-2nd Generation here https://t.co/jJ1ZBWSivA Using Referral Code “Segal 9”
— Steven Seagal (@sseagalofficial) February 19, 2018
Reverently addressed as Zen Master, Seagal, according to an official statement, was chosen for his spiritual and philosophical principles that fell in line with B2G’s objectives of community empowerment through provision of a decentralised peer-to-peer (P2P) payment system.
His contributions to and support of charitable causes, myriad of talents as well as an admirable personality were also cited as reasons for his anointment as brand ambassador.
This is likely the first time a celebrity has assumed the mantle of being the literal representation of a cryptocurrency beyond plain endorsement.
According to its official website, B2G is self-sustaining with its own eco-system, wallet, mining machines and allows exchanges of the coin to popular altcoins or FIAT currencies.
Poised to be a more advanced version of the original Bitcoin, B2G claims to have shorter transaction times, smaller transaction fees and a more efficient blockchain system.
Seagal’s endorsement may however be overshadowed by criticisms against B2G.
In a report by digital currency news site CoinDesk, B2G has drawn flak for sharing elements of pyramid investment structures and the potential confusion it may cause among inexperienced buyers due to the similarity of its name to Bitcoin.
With no clear indication of what problem B2G is addressing in its White Paper and the absence of any citation of its initial backers’ names on its homepage, the controversial cryptocurrency has been deemed as shady.
Seagal’s promotional stunt may also be short-lived if not handled carefully.
“Celebrities and others are using social media networks to encourage the public to purchase stocks and other investments,” The US Securities and Exchange Commission said in a Nov 2017 statement on its website.
“These endorsements may be unlawful if they do not disclose the nature, source, and amount of any compensation paid, directly or indirectly, by the company in exchange for the endorsement.”