Academy Award winning actress Gwyneth Paltrow introduced readers of her popular lifestyle website, Goop, to Bitcoin. It’s a question and answer piece with the founder and CEO of Abra, an investing application.
Gwyneth Paltrow Introduces Goop Readers to Bitcoin
“The Basics of Bitcoin and Cryptocurrency—and How to Invest,” was posted recently by lifestyle website Goop. “If you’re like us,” the piece begins, “chances are you hear the word ‘Bitcoin’ and your eyes glaze over a little. But as with much of the finance world—which deliberately uses obfuscating language—you just have to chip away at a few of the core ideas and suddenly you find you’re not as out of the game as you thought.”
It’s fair to write most Bitcoiners would eye roll at even the thought enough people still do not know that much about Bitcoin. But it’s true. Survey after survey shows a passing familiarity with crypto, and interest in learning more varies usually with the price.
Goop, founded Fall of 2008, is a Los Angeles-based, privately held, company, promoting its lifestyle website and newsletter geared more toward women. It emphasizes alternative medicine, feminism, and Eastern philosophy.
Getting Mom, More Women, to Use Crypto
The company has grown to include wellness summits, print magazine, podcast, e-commerce advocacy, fashion brands, and pop-up shops. It sells in the millions of dollars worth of their various products and boasts a newsletter subscriber base of right around 700,000. Just two years ago, it received some $15 million from NEA Felix and 14W Venture Partners.
Prior to doing the question and answer exercise with Barhydt, the article continues, they “felt like we had very little reason to care about Bitcoin.” It’s one of the most plain, bald criticisms of crypto: on-boarding and ease of use, interface. Literally every ecosystem business is struggling to find the secret formula, the sauce that will get mom, women like Paltrow, 46, to use it.
Barhydt tells Goop of his company Abra, “Our main use case was for remittances, or money that is sent home by workers earning a living in other countries. Fees for these transactions can be as high as 15 percent…to move money around by the people who can least afford it.” Crypto would seem to be a solution, especially Bitcoin Cash (BCH), though he doesn’t mention it specifically (Litecoin, Ethereum, Dash are cited).
A Solid Attempt
If anyone really had a sure fire way to get women to start using cryptocurrency more, that person/persons would be wildly rich. Clearly that hasn’t happened. The Goop question and answer session is pretty down the line, mainstream, and a start.
Questions include: “What is Bitcoin?” “Where does Bitcoin come from and how is it created? Where can you get it?” “What is a blockchain and how does it work?” and so forth. This is a basics of the basic type of article.
Answers run the gamut, but are not too technical or scary with regard to radical politics. Her readership will be left with a solid understanding of what Bitcoin is. Asked what a noob should do first in order to find her way within this brave new world, Barhydt answers, “The first investment that a newcomer to the crypto space should make is time. It’s important to understand some of the basics about how these different cryptocurrencies work.[…] Buy $10 worth of Bitcoin and get comfortable with the process.”
There is a lot more to say, and perhaps better advice would be an easily downloadable wallet link, a connection to an online retail platform, and a coupon for a sizable percentage off from Amazon via BCH and Purse.io. Maybe next time.
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