Throughout all of my crypto writing, there is one warning that I have given more than any other. That the crypto market is the Wild West, and there is danger lurking all around it waiting to take your money. If you’re not careful or lose focus even for a minute, you could lose everything. When people first decide to enter the crypto market, they have hopes of dreams of making large gains and someday becoming rich. However, the dangerous part is that the crypto market is complicated and difficult for many to understand.
This leaves them extremely vulnerable when they are entering the market. They’re excited about the market but know next to nothing about it. And so this forces them to go out seeking information. That is when all of the problems arise.
The crypto market is not only the most volatile financial market that you can invest in. But it is also a capitalist market ramped up on steroids, where there is no regulation. This means that there are scams everywhere. Cryptocurrency is a dream for people who are looking to make a quick buck and take advantage of newcomers.
In today’s world when people are seeking information, often the first place they will look is YouTube. You can learn anything there. Unfortunately, most people are very naive to the risks that are around them. They have become comfortable, and are used to being taken care of. They believe that most people are genuine and good. This causes them to believe that people making crypto-related videos on YouTube have great intentions. They simply love crypto, care for their viewers, and want to spread knowledge.
In some cases, this could be true. But for the larger channel, this could be further from the truth. The sad fact is that these are simply money-making machines for these channels. They are paid to either shill small-cap cryptocurrencies or advertise high-risk trading that they earn rewards from the referral fees. In the cryptocurrency market, you should never trust anyone. If that is your mindset, then you will never be surprised that influencers don’t have your best interests in mind.
However, last year it was taken a step further. Perhaps the most popular cryptocurrency-related channel, BitBoy Crypto, has blatantly been advertising new meme tokens. Declaring that he is fully behind the project and that he will make it legitimate, and won’t be selling anytime soon. But then he sold only a few days later after making that statement.
People become attached to these large crypto channels and let them shape their opinions.
The harsh reality that many people need to know in this market is that you have to form your own opinions. Never let anyone else affect your thoughts. It’s okay to read articles, listen to podcasts, and even watch YouTube videos. But, if you hear something, you need to do all of the research yourself before coming to a conclusion. Get all of the facts, and then make your decision. Never trust influencers, and always remember that they are making money off of you. You are their exit liquidity.
How about you? Have you ever let a crypto influencer shape your opinion?
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As always, thank you for reading!
