Oscar-winning actress Reese Witherspoon – known for her roles in projects like “Walk the Line” and “Little Fires Everywhere” – has entered the crypto space and has purchased Ethereum for the first time.
Reese Witherspoon Is an Ethereum Investor
Ethereum is the world’s second largest cryptocurrency in the world and the primary competitor to bitcoin. The currency has gone through some strange up and downs over the past year – just like every other form of digital currency out there – though the asset was trading for about $3,800 per unit not too long ago, suggesting the currency is closer than ever to its previous all-time high of approximately $4,000, which it hit in April.
The currency has become one of the most popular digital assets in the world, though it is not viewed specifically as a currency or as a payment tool like bitcoin. Rather, Ethereum is viewed as a powerful network that can potentially lead to future assets and decentralized finance (defi) applications.
The Ethereum network boasts smart contract capabilities, something that few digital currency blockchains – not even that of bitcoin – have. Thus, many developers see the network as the prime tool with which to build their own digital currency projects.
In addition, the blockchain has come a long way in recent weeks in that it incurred an upgrade that will ultimately push it closer to a proof of stake module, thereby allowing ETH holders to make money on their current stashes. This will also take it further away from its proof of work module, which it’s employed all these years and which analysts often refer to as old and outdated.
But whenever a celebrity enters the crypto foray and begins to invest, that’s when traders really begin to see some serious action and attention, and with Witherspoon now being classified as a crypto investor, we could potentially see the price of Ethereum skyrocket in the coming weeks. Reese made the purchase on September 2 and announced the buy on Twitter, saying:
Just bought my first ETH. Let’s do this.
The news was well received by both her fans and crypto fanatics, and immediately led to her Twitter follower count jumping to 2.9 million. Many were complimentary of her decision and happy that they had such a big name now entering the space they had grown to love and respect.
Others, however, were less than pleased with the fact that Witherspoon was delving into crypto and took to social media to express their concern. One user wrote the following:
Reese Witherspoon buys $eth and instantly gets 2.9m followers. We’re entering the celebrity and media attention part of our beloved bubble tech. The parabolic move is entering the horizon.
Not Everyone Is Happy
Another user stated:
Reese Witherspoon just tweeted about ETH. In other words, we may top prematurely this time.