The cryptocurrency attracted the attention of businessmen and celebrities. Academy Award-winning actress Reese Witherspoon recently said she bought her first Ethereum coin. This was followed by another celebrity, socialite-entrepreneur Paris Hilton, who shared her love of Bitcoin on Twitter. Ethereum and Bitcoin are the two main cryptocurrencies in terms of market capitalization.
Witherspoon, however, did not disclose the amount invested in Ethereum. On September 4th (3:50 pm IST), the price of Ether in India was at Rs. 2.99 lakhs.
Announcing his “love” for Bitcoin, Hilton shared a tweet from Michael Saylor, the biggest corporate sponsor of cryptocurrency. Saylor’s post read: “Diamonds may be your best friend, but Bitcoin is forever.” On September 4th (3:50 pm IST), the price of Bitcoin in India was at Rs. 38.23 lakhs.
The tweets came as cryptocurrency prices left behind the market slump they suffered in May, when most digital currencies lost a large part of their value and looked set to rise again. Some coins already show signs of determination. According to CoinMarketCap, Bitcoin was trading above $50,000 (about Rs. 37 lakhs) on September 4th, a gain of almost $12,000 (about Rs.9 lakhs) a month ago. Likewise, Ethereum has earned over $1,400 (about Rs. 1 lakh) since 5th August.
Many people welcomed the two celebrities into the cryptographic world. Among them was YouTuber Logan Paul, who offered Witherspoon an NFT from the World of Women collection.
Hilton has long highlighted its support for Bitcoin. She had already welcomed NFL legend Tom Brady “to the team” after he changed his profile photo to include laser eyes. Laser eyes mean that the person wearing the outfit is “laser focused” when they see the price of Bitcoin hit the $100,000 mark (about Rs. 73 lakhs).