CBx Daily

Gaslight On: Is There A Looming Hip-Hop Cryptocurrency Bubble?

Aug 9

By Lesley Green-Rennis

  • The global cryptocurrency market is projected to reach $4.94B by 2030
  • Rappers have been name-dropping cryptocurrencies since at least 2013

Bolstered by the pandemic, cryptocurrency has become the next big thing in the world of finance and the world of hip-hop. Rappers, from Lil Yachty, Megan Thee Stallion, 50 Cent, Soulja Boy, Nas, and even Meek Mill, are getting in on the fun and the profits. They post about their trades on social media, sponsoring coin giveaways, and even releasing their own cryptocurrencies. In the years since Bitcoin’s rise, cryptocurrency has quietly crept into rap culture, along with the music itself, and the market is projected to reach $4.94 billion by 2030. Now some investors are wondering, could there be a hip-hop crypto bubble looming?  

Why This Matters: Rappers, for their part, have been name-dropping cryptocurrencies since at least 2013. The current market has caused many to look for opportunities with high-end returns. Crypto provides that opportunity, and is particularly attractive to the world of rap music. Both share an interest in privacy, protection, and self-promotion, and like stocks, crypto is heavily based on demand, making rappers ideal spokespeople for the market.

Although uncertainty continues to surround cryptocurrency, some rappers like Nas, who called himself the “Cryptocurrency Scarface” believe we’re entering the bitcoin age.  While many rappers use cryptocurrency to diversify their portfolios, others in the indie world see potential for change beyond their own bank accounts. They believe that cryptocurrency can affect how artists get paid, and even how future generations use money.

Situational Awareness: A rapper's tweet, shout out, or investment tip brings attention to a coin and pumps up the value, leading to boons for the rapper and lucky investors alike. Some believe cryptocurrency has the potential to offer rappers and their audience wealth distribution ungoverned by Wall Street or national politics. Hip-hop could be the crypto entry point for people of color, providing new opportunities for wealth accumulation, and who better to open that door than rappers?

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