The Impact of Celebrity Endorsements on the Artificial Inflation of the Cryptocurrency Industry

In 2009, the first cryptocurrency was created by an anonymous user known as Satoshi Nakomato. Since January 2009, when the pioneer cryptocurrency, Bitcoin, was developed, there are estimated to be 19,000 new virtual assets. Cryptocurrencies have been in circulation for quite some time, however, have just recently drawn a great deal of attention over these last years (2018-2022). Due to this, research in the industry is still quite limited prohibiting people from understanding the stage of development of these assets and allowing them to properly deem investment in these currencies as reliable and a solid form of passive income. This paper aims to provide a brief yet in-depth analysis of the cryptocurrency industry and its artificial growth from celebrities and other factors. In addition to this, providing an analysis regarding the perception of these endorsements and factors making them more or less effective