Eddie Johnson Warns: Beware of Star-Backed Cryptocurrencies

Eddie Johnson, CEO of GrowMyBag.TV, offers a candid and eye-opening perspective on the perils of celebrity-backed cryptocurrencies. The crypto expert doesn't mince words as he labels celebrity endorsements a "huge red flag" for investors. He provides a comprehensive breakdown of why these star-studded coins often lead to financial losses, introducing viewers to the concept of "rug pulls" - a deceptive practice in the market that leaves the buyer high and dry.

Johnson discusses his insights with Yahoo Finance’s Jared Blikre and Sydnee Fried on "Stocks in Translation." Listen to the full episode here, or wherever you get your podcasts.

This post was written by Jimi Corpuz

Transcription de la vidéo

The celebrity can almost be the death knell sometimes.

Um Is that kind of a red flag?

If a celebrity is endorsed for me, it is a huge red flag.

So the reason why, I mean, look at the latest one, Jason Derulo, he's known to actually be involved in certain things in certain coins and have those coins just kind of go tanked, right?

So when I look at them, I, we've got Jason Derulo, Hulk, Hogan, Iggy Azalea, um Andrew Tate.

So you look at all of these people that are doing all these, all these nice little coins and then they don't go anywhere.

Looks like smells like, feels like a rug pole.

So I don't, I don't push those at all.

I don't tell anybody to get involved with them if you get involved with that and you've done your own research, you need to do more research.

I wanted to, I wanna hone in on the word rug pole there because that's something that we hear in crypto a lot.

Not necessarily if you're buying NVIDIA, but uh it is, it is a piece of terminology there.

So tell us about the rug pole.

Technically it's a, it's a technical term in my world.

Um, a rug pole is basically somebody coming along propping up a coin and holding a lot of that coin to the side for themselves.

And then when all of these people buy in, they're selling, selling, selling and then they just disappear.