In the United States, celebrities such as Paris Hilton and boxer Floyd Mayweather have also announced new cryptocurrencies in recent months. “It's a good way to reach a larger audience,” says Thomas van der Bijl of Follow Coin.
American examples are often very convincing. The message is: “Come to us and you will be rich.”
This apparently works so well that the SEC issued a press release this week warning investors about unverified advice from “celebrities.” “It's a good thing they're warning,” says van der Bijl. 'The American examples are often very convincing. The message is: 'Come to us and you will get rich.' We want to provide solid information to people who have heard about cryptocurrencies, but don't know much about them yet.'
However, Joel Bueckers' video seems more convincing. “Joel also has a little bit of that American style,” Van der Bijl admits. “It's fun to watch and fits into fitness videos.” But the difference is that in the video he mentions that his followers should read carefully and not invest their money in something.
Paid advertising campaign
Beukers isn't the only celebrity advertising Follow Coin. American rapper Nipsey Hussle also has a “collaboration” with the Amsterdam label. Van der Bijl: He read really well. His mini-documentary on YouTube provides an in-depth explanation of cryptocurrencies and Follow Coin.
However, the SEC's criticism may also apply to videos related to the Dutch cryptocurrency. “Investors should note that a celebrity endorsement may appear to be independent, but is in fact part of a paid advertising campaign,” the regulator wrote. If stars don't say they're getting paid for their ads, they're violating the law, the SEC said.
“I think it's pretty clear that we're all about advertising,” says van der Bijl. However, Joel Bueckers and Nipsey Hussle's videos do not indicate that they are being paid for positive messages. According to van der Bijl, there is no question of payment. 'They don't receive any money. We help each other with entrepreneurship. We run his online store for Joel and Nipsey Hussle who get follow-up coins from us.'
