As Bitcoin and cryptocurrency — with the help of meme-based dogecoin — attract the attention of teens and billionaires alike on TikTok, YouTube star Jake Paul says Forbes He discussed creating cryptocurrency with fellow YouTuber Ben Phillips.
It may happen, and it may not happen,” Paul says, speaking on the phone in an interview with Phillips. “It’s a big job. Ben and I have discussed it…but definitely not ‘jakepaulcoin.’ It has to provide a purpose and be useful. We don’t want to create something just to make money.”
Paul and Phillips, who boast more than 8 billion views on YouTube, have helped dogecoin — a cryptocurrency that its creator has described as a “joke” — reach a total value of $10 billion in recent weeks. But pairs’ interest in cryptocurrencies extends beyond memecoins and get-rich-quick price pumps.
“[Crypto is] “Future I talk to my friends constantly about it. We are just scratching the surface,” says Paul, who describes bitcoin as the “biggest investment” of his life.
This news comes as the price of Bitcoin soared, breaking the closely watched $50,000 per Bitcoin barrier. In the aftermath, traders and social media influencers have flocked to cryptocurrencies (encouraged by Elon Musk, owner of electric car company Tesla who recently revealed it has bought $1.5 billion worth of Bitcoin)
“[Dogecoin] It’s a great starting point, and there’s clearly an interest,” says Phillips, referring to Musk’s tweets as evidence that “there’s some logic behind it.” “
“Beyond the business side, how do you educate about it [cryptocurrency]? ‘ asks Phillips. Dogecoin is great for the community side. “
“This generation loves the fun and the viral moments,” adds Paul, who wants to use his very popular platform to “help the younger generation understand” cryptocurrency.
“That’s why you see Doge Queen as crazy. I bought Doge a year ago. Now Musk is tweeting about it.”
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Paul and Phillips own a handful of different cryptocurrencies in between, including bitcoin, ethereum, chainlink, pokadot, XRP, the relatively small politics, and of course dogecoin.
While Paul proudly boasts that he first bought bitcoin eight years ago when he was just 16, when bitcoin was trading at less than $100, he admits that he is “not an expert in the field” and has “a lot of room for growth.”
Bitcoin was created by the mysterious Satoshi Nakamoto in 2009 and was discovered among those in crypto and financial technology circles before it exploded into the mainstream in 2017 when its price swelled to around $20,000, only to collapse back to $3,000 in 2018.
Amid the bitcoin mania in late 2017, celebrities and influencers were quick to try and jump on the cryptocurrency bandwagon. The likes of DJ Khaled, actor Steven Seagal, boxer Floyd Mayweather and heiress Paris Hilton have talked about many cryptocurrencies, most of which have now collapsed into nothing. As a result, regulators have struggled with projects that use cryptocurrency technology to raise funds outside of traditional channels.
Recently, rapper Soulja Boy been warned On Twitter, the Securities and Exchange Commission (SEC) may not look kindly on his impromptu plan to create “souljacoin”.
However, the bitcoin and cryptocurrency space has matured somewhat since the strong days of 2017. Wall Street has begun to embrace the technology, investors have thrown their weight behind it and its potential uses are being explored in new ways — including creating tokens without offending the SEC.
“There is value in online communities that is not fully realized,” says Jess Sloss, founder of social icon incubator Seed Club, speaking by phone. “We are working with lawyers to chart a path that can be less dangerous. There is a lot of risk for a great artist to come and experiment here because the path is not clear, but once there is speed.”
According to Sloss, creators looking to make their own cryptocurrency should target a “hybrid model” that gives some kind of ownership while creating some kind of value, such as offering a subscription.
“[Seed Club] He wants to structure our projects with community ownership and governance protocols that benefit fans. “
Meanwhile, those who have grown up alongside the internet may see cryptography as an inevitable part of the future.
“Everything in our society is progressing much faster,” Paul says, referring to the boom in digital services that has resulted from the coronavirus pandemic and subsequent shutdowns.
“But [crypto adoption] It was inevitable. I’m checking [prices] All the time. It’s almost like playing a video game.”