Cryptocurrency influencers profit off their viewers no matter which way the market turns. 📈
Here’s how crypto hype men on YouTube are making fortunes by promoting cryptocurrencies. ⬇️
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Cryptocurrency influencers are finding regular perches on outlets from CNBC, Fox, Forbes, Bloomberg, and Insider, extolling the virtues of their favorite token with little scrutiny of their credentials or credibility.
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YouTuber Carl "The Moon" Runefelt (
@TheMoonCarl
) appeared on Fox News last December where he predicted that Bitcoin would hit a staggering $300,000 by the end of 2022.
Unfortunately for his viewers, Runefelt's predictions haven't yet borne out.
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By spring, bitcoin plummeted to below $20,000. Well over halfway through the year, the cryptocurrency is still plateauing around that level — less than a third of its late 2021 peak.
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But as the mainstream popularity of cryptocurrencies grows, an overnight generation of unconventional hype men are touting questionable advice to millions of people over social media, and increasingly, on traditional media.
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A crypto influencer's profits come from far more than just cryptocurrency earnings. Many heavily promote referral links for cryptocurrency exchanges, earning them thousands of dollars through cuts of their followers' trades.
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Aside from referral links, there are influencer-backed online classes that promise to make viewers crypto millionaires. And others have made big money from undisclosed advertisements from crypto companies seeking publicity.
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Ed Gjertsen, the former national chairman of the
@fpassociation
, says traditional financial advisors go through rigorous training process before handling people's money.
But crypto YouTube is a far cry from the regulated world of traditional finance.
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Wall Street veterans and analysts are often wrong about their predictions, but Donna Hitscherich (
@dmhcbspe
), a Columbia Business School professor, says that credentialing influencers may give consumers reassurance.
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Even as their predictions have faltered, cryptocurrency influencers use other revenue streams to pad their own wallets. Many lean heavily on referral links, receiving financial incentives from cryptocurrency exchanges in return for new customers.
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Aaron Sharockman (
@asharock
), a vice president at the media ethics and education group
@Poynter
, told Insider he had concerns about how referral schemes could incentivize reckless trading behavior.
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Some predictions are also growing more far-fetched, but influencers show no signs of stopping.
For more stories like this one — plus career insights, market analyses, trend breakdowns, and more — become an Insider today. ⬇️
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@BITech
You new here? that’s all influencers do. Best to ignore them and follow TA accounts and those that don’t just hype fomo, but watch the influencers and use the TA and trends to trade.
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@BITech
While it's cool to shit on
#cryptocurrency
at the moment, let's not forget the many Youtubers who made bank on viewers promoting SPACs and hot stocks!
Point being, it's not just crypto - hype men in the
#stockmarket
have made fortunes as well. Let's not pretend crypto is unique
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@BITech
Paywall !!! how business insider profit from bait and click, and yes they are bad actor on the space as in wall street no difference
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@BITech
@WKahneman
That’s what I been saying all along, they feed you all kind of crap and brainwash you and as long as they mention the words “this is for entertainment purposes only not financial advice” they get away with fraud among other things
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