Bitcoin has soared to fresh all-time highs in recent weeks—propelling the world’s largest cryptocurrency back into the limelight after a tough three years.
The huge bitcoin bull run has been cheered by long-suffering cryptocurrency supporters and boosted by fresh crypto converts, with billionaire Elon Musk last week saying he would never turn down being paid in bitcoin.
Now, actress Lindsay Lohan has recorded a paid video via the personalized celebrity video website Cameo predicting bitcoin and ethereum, the world’s second-largest cryptocurrency, will continue to climb—and signalling a return to the high-octane crypto mania of 2017.
Last week, the bitcoin price climbed to over $40,000 per bitcoin before falling back to trade around $35,000, eclipsing its 2017 highs of almost $20,000. Ethereum, the world’s second-largest cryptocurrency, has crossed $1,000 for the first time since February 2018.
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Bitcoin’s total value, or market capitalization, crossed $700 billion during last week’s highs, pushing bitcoin up the charts of largest global assets and briefly making it more valuable than Facebook.
At the height of bitcoin’s retail-driven 2017 bull run, when bitcoin’s total value was a measly $280 billion, celebrities from DJ Khaled, to actor Steven Seagal and boxer Floyd Mayweather were all talking up various cryptocurrencies. TV star and heiress Paris Hilton shilled a now defunct digital token on Twitter and the share price of New York-based company Long Island Iced Tea surged by almost 300% after it rebranded itself Long Blockchain.
The return of celebrity cryptocurrency endorsements could be a sign that retail investors, who have so far remained largely on the sidelines of this bitcoin bull run, are about to pile into the market.
“We get a shout out from Lindsay Lohan,” Cryptobuzz, a cryptocurrency and information security news outlet that commissioned the video, said via Twitter alongside Lohan’s clip. “Just another day in #crypto.”
Lohan, who can be hired to make a personalized video for $350 on Cameo, told viewers the bitcoin price “is going to $100,000” and ethereum “to $10,000,” wishing everyone “a prosperous 2021 and hoping you all get to drive your lambos to the moon”—a popular cryptocurrency meme.
Meanwhile, YouTuber KSI this week tweeted the word “ethereum,” just as its price peaked at over $1,300 per ether token.
Signs that retail investors are returning to the bitcoin and cryptocurrency market after being scorched in 2018’s bear market have emerged elsewhere.
San Francisco-based Coinbase, one of the largest bitcoin and cryptocurrency exchanges with almost 40 million users around the world, recorded a record daily volume of almost $10 billion this week—more than double its 2017 highs.
searches for the word “bitcoin” shot up in the first week of 2021, reaching about half their 2017 peak.
Growing retail interest in bitcoin and cryptocurrencies caused the the U.K. financial watchdog to issue a stark warning to people considering jumping onto the crypto bandwagon this week—they “should be prepared to lose all their money.”
While most in the bitcoin and cryptocurrency community are feeling bullish going into 2021, even crypto veterans are cautious about making bitcoin price predictions.
“Price predictions are fraught with risk,” William Quigley, cryptocurrency fund manager at Magnetic and cofounder of the stablecoin tether, said via email.
“No one knows what will happen in crypto land. All we can do is look at historical patterns and track demand changes for cryptocurrency.”