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Richard Branson Wants to Stop Crypto Scams Using His Name

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British entrepreneur and Virgin Group founder Richard Branson has said he will do everything possible to prevent cryptocurrency scams using his name as a vehicle to attract inexperienced investors. His initials can work as a successful tool to deceive traders as he has shown his support for bitcoin and is even a hodler.

“It’s a terrible thing”

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The billionaire has long been a target for cryptocurrency scammers. Numerous fake articles describe how Branson promotes investments in dubious platforms, urging investors to also invest their funds.

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

“It’s terrible because it affects the little person who can’t afford it. We are working hard to try and stop this.”

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Branson said he had already raised the issue with Meta’s chief operating officer, Sheryl Sandberg. He also appointed lawyers to review other social media platforms where such scams have occurred and resolve the issue.

Richard Branson, Source: CNBC

The Briton is not the only celebrity targeted by scammers. Last year, Apple co-founder Steve Wozniak sued YouTube over his bitcoin schemes. Unfortunately for him, Judge Kulkarni declared that his arguments were not strong enough to win the case.


Branson’s cryptovision

The face and name of the entrepreneur can really draw people in as he is a strong supporter of the digital asset sector. In 2016 he argued that “something like bitcoin will succeed and it will allow for a whole new way of doing finance.” He also invested part of his personal wealth in the main cryptocurrency. During his last speech, Branson reaffirmed this support, saying:

“If people can afford it, I will still put some money into bitcoin, maybe a couple percent of my investment.”

Moreover, he believes that cryptocurrencies are a suitable alternative to traditional finance, which has suffered in different regions of the world. For example, Ukrainians struggling to deal with the current war with Russia and Afghans seeking asylum from Taliban control “would be very happy to have their money not pegged to their 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 by paying 312.5 BTC for space tickets from the venture.

Featured image courtesy of INC

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