By Nathan Ferguson
With a boost in mainstream awareness about crypto during a couple of years, the financial influences related to the field are now having a stronghold. The regulators around the world including Australia (the country which is expecting a spike in its crypto industry during the impending decade) are thinking about the regulation of such type of financial advice (or the open speech from the disfranchised public.
As it seems, the crypto finfluencers may be conveniently dismissed for communicating to a rather little proportion of people however the fact is that #crypto and other related hashtags have got the views in billions. BitBoy Crypto – the YouTube channel of Ben Armstrong – has up to 1.44M subscribers, who frequently watch the videos thereof. A video named “Top 3 Altcoins to Buy RIGHT NOW!” obtained above 650,000 views.
In a statement, Armstrong said that he desire to be the champion of people. He added that the digital and crypto assets provide us with a way to quit the broken systems that restrict millions from having financial stability. He is of the view that he has to share the most relevant and latest information and awareness to the audience thereof. That’s how, in his words, social media provides a good role in disseminating crypto information.
In the scenario of regulation, Trent Barnes (the ZeroCap’s principal) warned that excessively restraining regulation would put some unreasonable impact on the people who are financially disfranchised. He moved on to mention that regulators are the potential protectors of people nevertheless they have restricted people from building the form of wealth being accessible to the rich people. Nonetheless, in the case of crypto, they are leading Wall Street, but, they do not possess the required information or instruments for making them capable of doing it.
In his viewpoint, some of the influencers do not act well. In 2021, almost US$8B worth in crypto was lost, as per a report published by Chainalysis. Nearly US$3 billion out of that was related to rug pulls (a form of fraud where the crypto developers create hype regarding the currency and take all the funds with them in the end after selling their holdings) solely. Squid Game rug pull is a recent prominent instance where the price of the respective token plunged from US$2,861 to nothing overnight because the developers left the project after creating a massive hype through social media especially Twitter.