Crypto Influencers have no idea what will happen in the markets and you should not believe the majority of what they say. Their goal is to harness your attention and use it to their own benefit. Unfortunately, with the rise prominence of social media, so to comes the influencer grift. Be aware – influencers do not have your best interests nor are they much of an expert.
Though I would not consider myself an influencer (looking at you, my 3 followers), do not even listen to me. Do the research yourself!
Twitter, TikTok, Instagram, Facebook etc. are all guilty of providing a platform for crypto influencers. To be an influencer does not require any credentials, but instead requires your attention and followers. There are several things to be cautious of when engaging crypto influencer content so please be mindful of this as you browse social media.
Accountability: As these people are not licensed, accredited, certified or otherwise formally educated on cryptocurrency related matters, they are not held accountable by any means. If they make a prediction about a particular coin going up or down, and then they are wrong, what is the consequence of this action? Nothing. They will continue to try to predict the market. No one knows what will happen in the markets. You have no recourse if an influencer wrongly recommends you to do something.
FOMO (Fear of Missing Out): You'll likely only see their successes and rarely their failures. This might give off the illusion that they have something that you don't and thus provides some sense of authority. Don't be fooled into thinking they are winning simply because you never see how they are losing.
Group-think: If you ever hear an influencer talk about dissenting opinions, you'll often hear them refer to them as “haters” or call them some other unsavory names. This creates an echo chamber where critical analysis, other views and the like are shunned because they disagree with what the supposed authority figure is saying.
Emotional Trading: Influencers tend to be charismatic, intelligent and sometimes attractive people. I'd be lying to myself if I said I didn't like a hot 20-something year old telling me which coins to buy so that I can moon myself in the next 3 years. Do not let your emotions overcome your sense of logic. That hot idiot is in the business of garnering your attention, not making accurate predictions about market trends.
Bias and Conflict of Interest: Some platforms require influencers to disclose whether they are doing some form of paid advertising, but in many cases this is not openly known. You don't know whether someone from a crypto project has already paid an influencer to share information to their audience. Furthermore, if an influencer is advertising for a certain coin, you can almost be certain that they've already bought in before you and thus would love you use you as exit liquidity.
Think about it - if an influencer was smart enough to predict the markets, why would they be working as an influencer? Their job is to harness your attention and use it for their personal gain.
With that said, don't forget to like, comment and subscribe.....hahaha actually don't. I don't need that kind of pressure! I just hope you do your own research and come to your own conclusions.
