Subhojeet Mukherjee on September 9, 2021
Kim Kardashian recently became a billionaire and things have certainly been looking up for her since then. In addition to being a star of her own show ‘Keeping Up With The Kardashians,’ she is also a very savvy businesswoman who continues to make her mark in various industries. She is determined to do a lot of things, but perhaps pursuing a law degree might not be one of them.
Kim Kardashian is a fashion icon and a trendsetter in a variety of ways. She is certainly an influencer in various ways but it seems not every piece of advice she gives is a good one.
While speaking at the Cambridge international symposium on economic crime, Financial Conduct Authority Chairman Charles Randell warned fans of social media influencers, especially Kim Kardashian fans, not to take advice from her when it comes to cryptocurrency.
“Social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation. Some influencers promote coins that turn out simply not to exist at all. Kim Kardashian… was recently paid to ask her 250 million Instagram followers to speculate on crypto tokens by ’joining the Ethereum Max Community.
The potential level of consumer harm that these purely speculative tokens bring raises the question of whether the activity of creating and selling the tokens themselves should be brought within FCA regulation.”
These tokens have only been around for a few years, so we haven’t seen what will happen over a full financial cycle,
Kim Kardashian also has other things to keep herself busy with apart from giving advice on cryptocurrency. Most notably, her ongoing divorce case with Kanye West, which many fans suspect is a publicity stunt.
What’s your take on this story? Sound off in the comments!
September 9, 2021 11:03 am
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