by By Omar BoAisha
The Influencer Phenomenon
Social media influencers can make a difference as to what product we choose to purchase, avoid, or what causes require more awareness. This has been a common phenomenon over the past ten years if not longer. Interestingly enough, causes and products are not the only sphere in which influencers make a dent in.
Cryptocurrency
Cryptocurrency started as a project by a community calling themselves ‘Cypherpunks’ which lead to the creation of Bitcoin back in January 2009. Cryptocurrency today exists in many different forms, or coins, that mimic the same peer-to-peer encrypted and anonymous currency method of its predecessor; with said predecessor existing as a staple to which all coins are pitted against. This means that if the value of bitcoin rises or falls, it has dire effects on the entirety of the Cypto market as a whole.
Fiat coins are created that mimic the actual value of real currency. A typical transaction would take place by buying a US fiat coin, then your desired coin you wish to invest in. There is some speculation that fiat coins or coins such as Bitcoin are the “currencies of the future” especially with rising advancements such as Bitcoin ATM‘s and options to buy cryptocurrencies via credit cards. However, others might say that these cryptocurrencies are just a fad and will die out leaving everyone who invested in them penniless.
Twitter & Cryptocurrency
The CEO of Tesla and SpaceX, Elon Musk, hardly needs no introduction. He is widely known for his innovative electric cars, and his ambitious goals of colonizing Mars. Though, going back to the whole bit on social media influencers; we come to a very bizarre trend where the prominent CEO will tweet about a particular coin, then mass purchasing of that coin will occur, driving the value up. Or the Musk criticizing Bitcoin and seeing the whole market take a hit as a result.
We have graduated from the notion of influencers pushing products or ideas to large scale manipulation of a vastly complicated market of digital coins. When musk tweets, billions of dollars in encrypted coins shift virtual pockets. One must ask how far will the idea of social media influencers go beyond? Is there a limit to the sheer scope one can accomplish if they have a large enough twitter following? Prominent figures have always been influencing the hearts and minds of people for as long as humanity has been around. Perhaps this is the next step for humanity.
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Hey Omar,
I think you wrote about a very fascinating idea about Elon and crypto. Nearly everyone on social media has seen Elon talk about crypto, and the influence he has in the change of Bitcoin and other forms of crypto is insane. It seems like Elon is the most prominent figure when it comes to the influence of change in crypto, just like when you saw the dip in Bitcoin following his tweet. It will be interesting to see the change of how large figures influence the change of cryptocurrency.
You had me at Elon Musk. What a king. I think it is very interesting how he can control markets with a few tweets. Those who listen to him and claim they are on their way “to the moon” are simply gamblers and it’s unfortunate that they believe in the movement that they have helped build. The rich stay rich and this is a perfect example why.
Hi Omar, it’s great content. I cannot believe how one person can influence social media and crypto. Specifically, his tweets were boosting up the bitcoin prices. However, now, he tweeted that Tesla would no longer accept bitcoin as payment anymore. I feel Elon Musk is in the position of crypto manipulating. Rich people can do whatever they want.
I actually bought cryptocurrency stock in $DOGE before it was a twitter meme– fun fact! But I think tis article is very interesting and makes some great points. It is really interesting how relevant cryptocurrency is today and how it could be the future for payment transactions.
I actually bought cryptocurrency stock in $DOGE before it was a twitter meme– fun fact! But I think tis article is very interesting and makes some great points. It is really interesting how relevant cryptocurrency is today and how it could be the future for payment transactions.
Hi Omar. Thank you for highlighting the importances of Elon and cryptocurrency. Very soon, everyone will understand the importance of space travel and DOGE. Until then, buy all of the dips and take your profits!
– Signed Robinhood Addict (-25% this year)
Cryptocurrency is such a new and amazing thing, it’s really crazy to see how it has changed the way in which we value money. I do find it interesting how Elon has come into the mix of things, however. Don’t get me wrong the guy is an entrepreneurial genius but I’m not quite sure how he has somehow become the all-knowing source for cryptocurrency. Nonetheless, he seems to have quite the influence over his followers, and his ability to swing others to make transactions is a very interesting tactic at market manipulation.
Omar, I learned so much from your article! I had no idea about the importances of Elon and cryptocurrency. This is something that is definitely becoming more popular and is so important for everyone to know about!
Omar, your article is so important about the usage of social media, information and the influx of individuals that utilize social media for their gains. Elon Musk presents many compelling elements of someone using social media for financial gains. It’s a touchy situation because you never know why an influencer or celebrity is using their platform to boost a crypto.