Idris Elba: Why He’s Chosen to Navigate the Crypto Storm Without Sacrificing His Principles
Celebrities in Crypto
Idris Elba, known for his roles in TV series such as The Wire and Luther, decided to enter the world of cryptocurrency at the same time as many others: when prices soared. During the pandemic, the British actor and filmmaker watched as his fellow celebrities tried to capitalize on the growing trend. In 2021, sensing an opportunity to cash in on the fervor, crypto businesses spent hundreds of millions of dollars recruiting celebrities to endorse their services. Celebrities, in turn, took the chance to use their fame to make a quick buck. Some of them released their own lines of non-fungible tokens (NFTs) or even their own crypto coins.
Idris’s Uncomfortable Position
While some of his colleagues were taking advantage of the situation, Elba opted to stay out of the gold rush. “As an entertainer, I was given all these mad opportunities to participate,” he says. But he felt that it was all about using him to make a lot of money. Although he bought an NFT once, he “didn’t feel comfortable participating in the gold rush,” he says. And it turned out to be a wise decision.
The Crypto Winter
The past 18 months have seen a collapse in the crypto industry. From the collapse of the Terra Luna stablecoin last May to subsequent failures of various crypto businesses, the industry has declined. Investment has dried up, regulators are cracking down, and the remaining businesses’ reputations have been damaged by association. In the crypto world, this period is known as a “winter,” with an implication that the inclemency is temporary and will eventually pass.
Fallout for Celebrities
The fallout from this crypto slump has extended to celebrities who endorsed crypto services. Some have faced legal challenges for failing to do due diligence, while others have been charged with illegally peddling crypto coins without disclosing they were paid to do so. FTX, for example, recruited famous figures like Tom Brady, Shaquille O’Neal, and Gisele Bündchen to represent the brand. Some are now facing lawsuits.
Elba’s Continued Interest in Crypto
Despite the crypto slump and the fallout for its celebrity evangelists, Elba remains “curious” about the technology, particularly in addressing financial inclusion issues in West Africa, his parents’ homeland. He is now working with the Stellar Development Foundation, a nonprofit supporting the growth of the Stellar blockchain network. His partnership with Stellar is focused on highlighting the capabilities of blockchain as a tool for financial inclusion, rather than promoting a specific crypto brand.
Learning from Past Mistakes
Elba believes that other celebrities may have failed to understand the responsibility that comes with influence and is eager to avoid making the same mistakes. “I don’t see myself putting my name to a crypto brand,” says Elba. “I’m highlighting the capabilities of [blockchain as a] tool. And in my opinion, Stellar articulates it best.”
Conclusion
Idris Elba is navigating the crypto storm without sacrificing his principles. He sees the potential for crypto to provide West Africa with an alternative method for transacting and managing money, emphasizing the role of blockchain as a tool for financial inclusion. As other celebrities face the consequences of their involvement in the crypto craze, Elba remains focused on using his influence for a meaningful purpose.
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