If you search for any cryptocurrency on Twitter – literally any cryptocurrency – you will quickly realise that there is at least one Twitter user that refers to themselves as a ‘guru’, ‘wizard’ or any other applicable mystical title, who happens to be deeply patriotic and partisan towards said cryptocurrency. They will frequently tweet about it, they will post charts multiple times a day with completely irrelevant lines that somehow suggest that it is about to ‘break out’ and ’embark on a moon mission’, and they will claim that any potential investors have to buy in immediately to avoid missing out on ‘an easy 100x ROI’.
Some of these ‘influencers’, on the face of it, appear to almost be legitimate. Some of them have inexplicably high follower counts, and may also be verified (you can pay for verification, and it’s crucial to remember that). If you’re new to the world of cryptocurrency, and you’ve heard stories about how people have made life-changing sums of money, and you’re intent on discovering your own life-changing gains, you might find yourself buying into the facade, hoping to log into your trading account and suddenly see your initial investment turning into something exponentially larger.
I’m here to tell you this: DO NOT LISTEN TO THESE PEOPLE.
There is not a single cryptocurrency investor walking this earth that can say with any degree of certainty that any particular cryptocurrency is going to observe any kind of price increase, let alone a life-changing one. If any of these ‘influencers’ are heavily shilling a cryptocurrency, the reason for this is quite simple:
- They hold a large amount of the cryptocurrency
- They want your investment and the investment of thousands of other impressionable people so that the price of the cryptocurrency will pump
- Once they are satisfied with the outcome of the pump, they will dump their investment, taking the profits for themselves and leaving other investors with a coin that is decreasing in value
- They will then find another cryptocurrency, and revert to step 1, repeating the process again and again
Now, is my post suggesting that ‘influencers’ are 100% incorrect? No. Not at all. They absolutely may identify a coin at a low price that happens to reach a much higher price at some point in the future. However, there is quite literally no guarantee of this. I’ve seen some of these accounts shill cryptos as they pumped beyond belief, and then I’ve witnessed the coin get rug-pulled, and then they’ve removed all mention of the crypto from their page as soon as the rug-pull has taken place.
Don’t be that guy. Do your own research, find something that works for you, and find projects that you genuinely believe in. Don’t force yourself to believe in a project simply because you’ve bought a lot of it after you’ve seen an ‘influencer’ claim that it’s going to change your life.