If you are an influencer on the internet and social media, there is a good chance that a lot of people are listening to what you say and take heed of your words. Therefore, you should always be careful about the promises you make and things you promote. It now looks like crypto is becoming the object of many influencers’ attention, but they may not be doing enough research regarding which assets are solid and which are fly-by-night coins.
If You’re an Influencer, Be Careful with Your Words
For example, one influencer named Charlie D’Amelio has recently garnered an undisclosed bitcoin reward from the Gemini Exchange thanks to her work in promoting the trading platform through her social channels. Gemini, for the most part, is an established exchange that has not had any major technical issues since it first arrived on the scene. It has also garnered a BitLicense, meaning it is serious about doing business in New York, and earned a reputation as strong and trustworthy.
Unfortunately, this is only one instance that presents a relatively positive outcome. One influencer after another has been accused of promoting scam coins simply because they are getting financial rewards under the table, and some investors and analysts feel that this is unjust, as it gives many everyday people the wrong impression about which investing avenues are righteous and which are fake.
YouTube star Daniel Keem is at the heart of some crypto-related drama given that he has promoted a new cryptocurrency known as Safe Moon several times on his channel. To be fair, he has not really done anything wrong, though at this time, not much is known about Safe Moon. Still, it experienced some solid price boosts when Keem took notice of it. Former Backstreet Boy Nick Carter has also started to promote the asset.
The fact is that you cannot really promote something when there is so little data available, and this has caused concern amongst traders such as Michael van de Poppe, who in a recent interview claimed:
These tokens have zero purpose, aside from making early speculators and themselves rich, as the token itself will not be used for anything. It is the flipside of everything that the cryptocurrency ecosystem tries to achieve.
Things Haven’t Always Turned Out Well
Keem has been kind enough to warn his viewers and followers that he is “not a financial advisor,” and that they should “not take any financial advice” from his channel, though not every influencer is following this pattern.
Not too long ago, Tik Tok star Matt Lorion found himself at the center of a major scam when he promoted a new cryptocurrency known as Mando, which was based on the popular Disney+ program “The Mandalorian.” Lorion – along with many of his followers – lost serious money due to the pump-and-dump scheme, and Lorion later issued a public apology.