Cryptocurrencies, a new El Dorado for US influencers

There is bread on a wooden board – The most avid cryptophiles love indicators that show how “early” (early, among the first) they are in terms of adoption. Exchange volumes, assets on chain, a population connected to the Internet in constant growth, the indicators they scrutinize are many. Educational content is also part of it. The cryptocurrency ecosystem, in fact, is complex and requires a minimum of research to evolve peacefully. And on the subject of education, the survey by Consult in the morning the relationship Americans have with cryptocurrencies and influencers of all kinds shows that there is still a long way to go.

Cryptocurrencies and influencers: the explosive cocktail

Morning Consult, a company specializing in the study of financial and economic data, sought to find out more celebrity impact in the decision making process of potential investors. This survey sheds light on the dangerous links between cryptocurrency investments and influencers.

Who better to symbolize the promotion of disreputable projects if not Kim Kardashian ? The influencer par excellence had promoted the project Ethereum Max on Instagram in 2021. She is other colleagues like the boxer Floyd Mayweather and former NBA player Paolo Pierce.

Two posts published by Kim Kardashian to promote Ethereum Max on Instagram.

For her investigation, Charlotte Principato specifically reviewed this post, which also holds a trial for Kim K. About 3 out of 10 cryptocurrency holders I saw the post of the American star. This is the most affected category, which doesn’t seem illogical given the advertising targeting algorithms.

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In all, nearly one in five users the interviewee saw this promotional content. Virality leads to an avalanche effect and creates shockwaves that can achieve goals that were not initially foreseen.

Figures and an observation

Investors already exposed to crypto assets are the most prone to fall for scams because they are particularly targeted. These are “ordinary” communication operations, which take place every day for a whole series of products. Not necessarily recommended, but certainly less risky!

The Morning Consult survey is overwhelming in terms of massive consumption of networks like youtube or facebook and investments in cryptocurrencies like bitcoin or solana
Percentage of individuals who would invest in cryptocurrencies if those people approved of it.

The graph above aggregates the investment decisions made by the type of subject that promotes it. Among the whole sample, 20% of people are not exposed to cryptocurrencies would follow the advice of a celebrity. The share rises to 45% among the people already involved, when one might think that this public is all the more informed and alert.

However, ad targeting can’t take all the blame. Of course social networks have given visibility to some dubious projects. All with an unqualified or unqualified audience. But the root of the problem is rather to be found in the evident lack of training on these subjects.

Bitcoin and cryptocurrencies cannot be captured in a few minutes in the corner of the table or screen. Especially since these areas are transversal and involve different disciplines, starting with the personal discipline.

The new asset class represented by cryptocurrencies mainly affects younger populations. They are typically first-time buyers, not necessarily having investment experience. Even less in trading. On the prevention side, all responsible actors try to educate as much as possible and warn about the risks associated with cryptocurrencies. On the side of the action, American justice is mobilizing on the Ethereum Max case. We expect the same in France, where dubious projects are regularly reported by Internet users, without judicial follow-up.

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