Celebrity Endorsements

Sometimes, celebrity endorsements make sense. Katie Couric’s husband died from colorectal cancer so she appears on a TV commercial touting home tests for it.

Sometimes, celebrity endorsements make no sense at all. Imagine Donald Trump touting a weight loss program. “Join Weight Watchers and you can look just like me!”

I know nothing about cryptocurrency except that I can buy Bitcoin at the Sunoco station on 25th Street. Anything sold at a Mini-Mart must be a good investment. Slim Jim and Slushie stocks have outperformed the market so far this year.

I’d feel more confident in Bitcoin if a renowned economic genius like Kim Kardashian recommended cryptocurrencies. Kim touted EMAX tokens from EthereumMax on her Instagram account recently. If a young lady whose original claim to fame was a sex tape and a reality TV show said it was a good investment, it must be so.

Actually, it wasn’t. All cryptocurrencies tanked earlier this year. People complained to the Securities and Exchange Commission. The SEC found that Kim never purchased any EMAX herself (See, she is an economic genius), and she was paid $250 K by EthereumMax for her endorsement. The SEC fined Kim $1.26 million.

Being rich and having good lawyers means you never have to say you’re sorry. Part of the settlement was that Kim was not required to admit any guilt and her record remains clean. I would beware of the next thing she endorses though.

By Ed Dufton