Influencers: To trust or not to trust

The world of crypto, often called the “Wild West” of finance, opens its doors to quite a few dangers. It is a place where inexperience can have ugly consequences, as a lack of knowledge can prove fatal when it comes to scams and losses.

For many, the journey into crypto begins with hopes of big profits and wealth. The truth, however, is that this market is complex and hard for many people to understand. A lack of knowledge leaves new investors vulnerable and ripe to fall victim to scams.

When someone decides to enter the world of crypto, their first move is usually to look for information on YouTube. That, however, is where one of the dangers we’ll examine lies. Many people are naive toward CERTAIN influencers, e.g. BitBoy Crypto. But the truth is that behind the videos there are often motives involving financial gain, not altruistic intentions.

Crypto is a market without a regulator (yet). This means scams are common, and the chances of new investors falling victim to them are high. Social media influencers, even though they look like guides to knowledge, should be treated with caution.

In this market, reality is harsh. Every investor needs to form their own views and not rely solely on others. Research should be independent and careful. The flow of information should be assessed critically, and investment decisions should be based on our own conclusions.

In crypto, trusting no one is a survival rule. Influencers make money from your trust, and protecting yourself should always be the priority. In the end, we are their exit liquidity, and protecting it should be our own priority.