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Steven Seagal becomes face of new cryptocurrency Bitcoiin2Gen
Steven Seagal’s multifarious career has taken him from Hollywood to promoting Russian firearms, but his latest move into the world of cryptocurrency may be his most surprising to date.
The 65-year-old veteran martial arts actor has become the surprise brand ambassador of Bitcoiin2Gen (B2G) ahead of its Initial Coin Offering (ICO) next month .
Bitcoiin2Gen said “Zen Master” Seagal was an obvious choice to help extend their “long-term commitment towards the community”.
“Steven Seagal is a man of diverse character whose spiritual beliefs and humanity are woven into every aspect of his life,” the company said in a press release.
The effusive praise continued with the producer and director hailed by Bitcoiin2Gen as a “versatile talent and an intricate human being, whose passion, selflessness, integrity, and character are embodied in his work”.
There are scarce details on who is behind Bitcoiin2Gen, which uses the Ethereum blockchain to process transactions faster than the original Bitcoin.
Founded in September 2016, Bitcoiin2Gen is promoting itself as a “self-sustaining cryptocurrency with its own ecosystem, its own wallet, its own mining machines and the ability to exchange the coin to popular altcoin currencies”.
The team behind Bitcoiin2Gen also warned potential investors not to link Mr Seagal’s endorsement as investment advice “as neither he nor we ever advised so”.
“Mr Seagal has millions of followers across the world, and by his influence now we are reaching to them, which was never possible through our other marketing strategies,” they added.
Other celebrities to endorse cryptocurrency include socialite Paris Hilton, singer and actor Jamie Foxx and boxer Floyd Mayweather.
The cryptocurrency market remains volatile and unpredictable. After hitting a record high close to $20,000 in December, Bitcoin lost 70 percent of its value to slip below $6,000 in January, posting its worst monthly performance in three years.
Bitcoin has since recovered some of those falls, but at just below $10,000 is still only worth around half what it was a month ago.
In November, the US Securities and Exchange Commission urged caution around celebrity backed ICOs.
“Investors should note that celebrity endorsements may appear unbiased, but instead may be part of a paid promotion,” they said.
“Celebrities who endorse an investment often do not have sufficient expertise to ensure that the investment is appropriate and in compliance with federal securities laws.”
Last month, rapper 50 Cent revealed how he became an accidental Bitcoin millionaire with a forgotten investment.