Market Overview

Mike Tyson Dives Deeper Into Bitcoin

Mike Tyson Dives Deeper Into Bitcoin

Former boxing star Mike Tyson is deepening his interest in the bitcoin space by creating a digital bitcoin wallet that will allow users to store, purchase and sell the cryptocurrency. The wallet was developed by Bitcoin Direct in partnership with BitPay and will be one of the first wallets that allows users to buy and sell from inside the app.

Tyson's Bitcoin Projects

This is not Tyson's first foray into the bitcoin space. He partnered with Bitcoin Direct last year to launch a line of bitcoin ATMs that gave people the ability to turn cash into bitcoins at any machine's location. Now, with Tyson endorsing a wallet as well, many are wondering whether or not celebrity attention will drive mainstream usage.

The new wallet will feature Tyson's tribal face tattoo as the background image and is available for download on iOS. An Android version is expected to be released in the coming weeks.

Celebrity Appeal

Bitcoin Direct believes that Tyson's popularity around the world and across several generations makes him a good option to engage the masses, saying that his "potential to expand the Bitcoin market is dramatic." However, it remains unknown whether or not the power of celebrity will be enough to encourage new users.

Safety Still A Concern

Although celebrity endorsements often get products more notoriety, bitcoin itself has struggled with safety and security issues that some believe can't be overcome by a recognizable face. Tyson may bring more attention to the cryptocurrency community, but he may not be able to convince the public that it is trustworthy. Instead, many believe that more regulation is the real key to taking bitcoin mainstream as that would provide users with more protections.

Image credit: Eduardo Merille, Flickr


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