Controversial Football Icon Ronaldinho Champions Crypto Mainstreaming Despite Dubious Crypto History

Ronaldinho Advocates for Crypto Adoption

Brazilian football icon Ronaldinho has made a bold call for cryptocurrency to enter the mainstream, fuelling speculation about a possible token or coin release.

This statement underscores the increasing global embrace and uptake of cryptocurrency, particularly in Brazil.

At the time of writing, his succinct yet powerful social media post attracted over 2.7 million views and more than 3,700 retweets, piquing the interest of the cryptocurrency community.

However, as he did not specify any token launches, the exact nature of Ronaldinho's involvement in the crypto sector remains a mystery.

Nonetheless, his endorsement has the potential to sway his substantial fanbase and could further accelerate the mainstream adoption of cryptocurrencies.

Regardless of his intentions, the strategy has clearly succeeded in generating curiosity and attention.

Crypto Sleuth ZachXBT Dropped Bankruptcy Accusations & Dug Up His Checkered Past

Some members of the cryptocurrency community, particularly ZachXBT, a renowned on-chain investigator, have responded critically to Ronaldinho's endorsement.

ZachXBT queried whether the endorsement was a euphemism for financial insolvency, given Ronaldinho's past involvement in various cryptocurrency ventures that were allegedly part of 'pump and dump' schemes.

To support this assertion, ZachXBT highlighted Ronaldinho's history of promoting multiple NFT and DeFi projects, casting doubt on their ethical standing and long-term viability.

Additionally, ZachXBT reminded the public of Ronaldinho's previous financial troubles, suggesting a pattern of questionable financial decisions.

Dubious Crypto History Amidst Past Legal Troubles

Despite his fervour for cryptocurrency, Ronaldinho is currently embroiled in significant legal issues.

His recent actions have stirred discontent within the Brazilian national team.

Last week, he posted on Instagram that he had no intention of watching Brazil during the upcoming Copa America, a statement that did not sit well with the team.

Raphinha, a team member, expressed confusion over Ronaldinho's comments, despite respecting him as an idol.

Ronaldinho later clarified that his post was part of a marketing campaign for the deodorant company Rexona, under their "Rexona doesn't abandon you" campaign.

He explained that he was quoting another Brazil fan and that his intention was to rally support for the team by addressing the negativity surrounding them.

In 2023, Ronaldinho faces the possibility of detention by Brazilian authorities as part of an investigation into alleged cryptocurrency fraud.

He has missed multiple National Assembly hearings but did testify at a congressional hearing, denying any involvement in a purported $61 million crypto pyramid scheme named after him.

On 31 August, Ronaldinho appeared before a parliamentary committee inquiry, where he denied any role in the scheme called "18kRonaldinho," which promised 2% daily returns on crypto investments.

A lawsuit has been filed against the firm, seeking $61 million in damages.

Ronaldinho claimed he was never associated with the company and that his name and image were used without his consent, positioning himself as a victim of the scheme.

During the hearing, marketing materials featuring Ronaldinho were presented, adding to the complexity of the case.

This is not Ronaldinho's first legal entanglement; in 2020, he and his brother were arrested in Paraguay for using fake passports and spent over 170 days in detention.

Furthermore, Ronaldinho's announcement of joining a crypto project two years ago drew criticism.

He told his 21 million Twitter followers that he was "delighted to be part of the World Cup Inu family," a statement that was likely crafted by someone else and filled with the typical grandiose language of low-cap altcoin projects.

The project's cryptocurrency, World Cup Inu, experienced a brief surge of 38% in just 15 minutes following Ronaldinho's tweet, but it quickly lost those gains.

The post has faced backlash, with some calling out the lack of disclosure that the tweet was an advertisement.

Others have expressed concerns that Ronaldinho's endorsement could lead many to invest, only to suffer financial losses.

Harmless Comment or Prelude to Token/Project Launch?

Ronaldinho's endorsement is not the first instance where celebrities have utilised the cryptocurrency arena to initiate projects and capitalise on the excitement.

Recently, Australian rapper Iggy Azalea made headlines with the launch of the MOTHER token on the Solana blockchain.

The token quickly reached a market capitalisation of $200 million, experiencing a 90% price surge within 24 hours.

However, as of this writing, its market cap has significantly dropped to $57 million, with the token trading at $0.06259, reflecting a 9.11% decrease in the past 24 hours.

Politicians, too, have embraced this trend, launching tokens named after themselves to appeal to tech-savvy voters.

Yet, the ongoing participation of high-profile individuals in various cryptocurrency projects raises questions about their intentions and the influence they wield over unsuspecting investors.

While some view these endorsements as a gateway to mainstream adoption, others see them as opportunistic endeavours that exploit the trust of their fans.

As the discourse surrounding celebrity crypto endorsements progresses, both the celebrities and their followers must navigate these promotions with caution and discernment.

The inherent volatility of the cryptocurrency market necessitates informed decision-making to sidestep the risks associated with potentially deceptive endorsements.

It remains an open question whether Ronaldinho's nod to the crypto world is innocuous or a precursor to a token or project launch.