Richard Branson Wants to Stop Crypto Scams Using His Name


British businessman and Virgin Group founder Richard Branson has said he will do his best to avoid cryptocurrency scams that use his name as a bat to attract inexperienced investors. His initials could work as a successful tool to fool traders as he has shown his support for bitcoin and is even a HODLer.

‘It’s a terrible thing’

The billionaire has been a target for crypto scammers for more than a while. Numerous fake articles have featured how Branson promotes investments on dubious platforms, urging investors to allocate their wealth as well.

In a recent interview, the British promised to use all their ability to stop such fraudulent schemes. In his opinion, this could be a disastrous crime as most of the victims are unqualified investors whose potential losses could have catastrophic consequences:

“It is a terrible thing because it affects a small person who cannot afford it. We are making enormous efforts to try to stop it.”

Branson revealed that he has already raised the issue with Meta COO Sheryl Sandberg. She has also appointed lawyers to inspect other social media platforms where such fraud has occurred and resolve the issue.

Richard Branson, Source: CNBC

The Brit is not the only celebrity to have been targeted by cryptocurrency scammers. Last year, one of Apple’s co-founders, Steve Wozniak, took legal action against YouTube for bitcoin schemes involving him. Unfortunately for him, Judge Kulkarni fixed his arguments were not strong enough to win the case.

Branson Cryptovision

The entrepreneur’s face and name might attract people as he is a strong supporter of the digital asset sector. In 2016, he plot that “something like bitcoin is going to catch on and enable a whole new way of doing finance.” He has also invested some of his personal wealth in the main cryptocurrency. During his most recent appearance, Branson reiterated that support by saying:

“If people can afford it, I would still put a little bit of money into Bitcoin, maybe two percent of one’s investments.”

Furthermore, he believes that cryptocurrencies are a suitable alternative to traditional finance that has been affected in different regions of the world. For example, Ukrainians trying to cope with the ongoing war with Russia and Afghans seeking refuge from Taliban control “would be very glad not to have all their money tied up in a local currency.”

It’s also worth noting that Branson’s space company, Virgin Galactic Holdings, accepts bitcoin as a payment method. In 2014, Tyler and Cameron Winklevoss made headlines, payment 312.5 BTC for company space tickets.

Featured image courtesy of INC

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