Inside the Rise of the Cryptocurrency Hype-Men
Welcome back, readers. The year is 2022, and our social media feeds are filled with influencers.
There are water park influencers, pet influencers, and LinkedIn influencers. And in another corner of the internet, there is a burgeoning generation of crypto influencers, whose work, in many cases, can blur ethical lines.
I’m your host, Jordan Parker Erb. Today, I’m giving you a glimpse at my colleagues’ story on the emergence of crypto hype-men.
Let’s get to it.
1. Crypto influencers are touting questionable advice — and there’s not much that can stop them. As cryptocurrencies gain mainstream popularity, an overnight generation of influencers has stepped up to offer advice to millions of people. And even though their advice is often terribly wrong, they still profit off loyal fans.
- Most cryptocurrency analysts rarely have any certifications or financial training, but they’ve amassed huge followings of people looking for guidance. And even as their predictions have faltered, many use other revenue streams to pad their own wallets.
- Some heavily promote referral links for cryptocurrency exchanges, sell crypto-branded T-shirts and other merch, or offer fans online classes that promise to make viewers crypto-millionaires.
- Together, these revenue streams mean crypto influencers profit off their viewers — no matter which way the market turns.
In other news:
2. The 20-year-old who tracks Elon Musk’s private jet says he would stop if the billionaire took him on a flight. Jack Sweeney, who runs Twitter accounts tracking celebs’ jets, said he would shut down the account that tracks Musk’s travels if the Tesla boss meets his conditions. Here’s what else Sweeney is asking for.
3. Linktree said it’d go “above and beyond” for laid-off staffers, but some felt cast off by the firm. When the $1.3 billion startup cut 17% of its workforce, CEO Alex Zaccaria said the company would help workers who were let go — but some “Linkers” say that hasn’t been their experience. What laid-off LinkTree employees told us.
4. Netflix is weighing plans to charge $7 to $9 per month for its ad-supported subscription. According to Bloomberg, Netflix’s ad-supported subscription tier could be less than half the price of its most popular standard plan. What we know so far.
5. A 19-year-old YouTube video editor shares how much he earns. Mathew Rhyze began working for a YouTuber with 4 million subscribers in 2021, and is earning about $6,400 a month. Rhyze breaks down his income and what the job is like.
6. Scammers are recruiting, staging interviews with, and “hiring” employees to steal their identity. The elaborate identity theft scheme targets new grads and young job seekers on sites like LinkedIn and AngelList. How to avoid getting swindled.
7. We have 18 book recommendations to round out your summer reading list. Insider asked venture capitalists for book recommendations for personal growth, professional development, and fun. From sci-fi series to books about CEOs and founders, these are their top picks.
8. Elon Musk’s mom says she sleeps in a “garage” when she visits him. Musk’s mom, Maye, told The Times UK that the unusual sleeping arrangement is because “you can’t have a fancy house near a rocket site.” What else she said.
Odds and ends:
9. Thinking about buying your first EV? Here’s what to know before you do. With more drivers than ever considering an electric vehicle, we asked experts the most important things to think about before taking the plunge. Four things to consider before buying an electric car.
10. A new AI tool pokes fun at LinkedIn by creating cringy, aspirational posts. Type in an activity and a clichéd piece of inspirational advice, and the Viral Post Generator will churn out a mock LinkedIn post. More on the AI tool the internet can’t get enough of.
What we’re watching today: