Beauty Mogul Michelle Phan Has Coronavirus Plan — Educate and HODL Bitcoin

Although the economic slowdown induced by the coronavirus continues to dwarf every industry, beauty mogul Michelle Phan has a plan: HODL Bitcoin.

Phan stated:

“I’m starting a podcast this year, called ‘Baby Steps.’ It’s essentially to help people take steps into adulthood … buying bitcoin, how to store it, what to do with it.”

The 32-year-old entrepreneur, who already boasts an estimated net worth of $50 million, seeks cooperation with crypto firms to promote educational content and share it on her own channels as well. With her 8.9 million YouTube subscribers and 2 million Instagram followers, Phan stated she is going to use her brand to promote clear and helpful content about Bitcoin.

On March 11 Phan explained:

“Now my viewers are hungry for more than makeup and skincare. They want to know how to protect their purchasing power. Today I made an Instagram post telling my followers to buy the [bitcoin] dip, and then hold.”

Phan plans to grow her empire, which began with an investment in the four-person music startup Thematic and the blockchain gaming startup Pocketful of Quarters, in addition to the 12-person direct-to-consumer brand Em Cosmetics, which she acquired from L’Oréal in 2015. So far Em Cosmetics orders have not seen any slowdown, she said, unlike brands which are driven by retailers such as Sephora to sell products.

According to Phan:

“It’s benefited us, being direct-to-consumer, because that’s what we’re used to. Anyone in retail right now is suffering. Even luxury brands are taking a huge hit. … So far we’ve been very lucky in having an immense amount of supplies before the virus.”

Indeed, as the New York Times state, the beauty industry entered a rough season. However, Phan’s brand holds on do-it-yourself tutorials and direct orders. Although she noted that some of her ingredients are from Italy, Korea, Japan, and to some extent China, manufacturing often takes place in the U.S., and now she is selling out some products.

Phan hopes supply chains will restore in several weeks. If it happens, she will proceed with plans to introduce several new products this year. Meanwhile, she will diversify her content and build brand awareness not only within the beauty industry.

“I want to use my platform to shine more light on bitcoin. There’s so much misinformation. I want to bring more clarity,” she explained. “Situations like this are an opportunity for people to learn how to hodl.”

She said that many of her followers did not know they could buy a part of a Bitcoin and store it themselves, not on an exchange. Michelle Phan believes that this situation must be changed, and people should be aware that they can hodl Bitcoin.

“Hundreds of DMs came my way saying, ‘We had no idea,’” Phan said. “With coronavirus … when there’s a distrust of authorities, that’s when bitcoin shines the most.”