Influencer Marketing Has Taken Over the Crypto World

Influencer marketing makes a coin trendy and valuable. The rise in the price of a coin can primarily be accredited to influencers endorsing it.

6 min readApr 3, 2021

Elon Musk (Credits: fortune)

Why Influencer Marketing is Important

Influencer Marketing is one of the most important and influential types of digital marketing. Recently, influencer marketing has taken off. “Influencer Marketing uses endorsements and product mentions from influencers/individuals who have a dedicated social media following and are viewed as experts in the niche” (Chen). As E-Commerce boomed, digital marketing strategies expanded as well. Influencer Marketing is not what it used to be in 2014. Now a lot of people have become influencers and micro-influencers. Influencer Marketing in itself has become a Digital Marketing industry.

Influencer Marketing Brings the ‘Trust Factor’ to Crypto Currency

Influencer Marketing brings the trust factor to the marketing game. Social influencers build a strong trust-based relationship with their followers. Social media users and followers are then inclined to believe the influencer.

Influencer Marketing has also hit the Crypto world. There are numerous coin companies that are using Social Media influencers to promote their coins. The number of Crypto influencers is growing on platforms like YouTube, Instagram, Facebook and Twitter.

Crypto influencers are being paid hefty amounts to market different coinsand rightly so, because almost “92% of consumers would rather make a purchase based on influencer opinion rather than ads” (EAKdigital)

Influencers Make it Easier to Trade for Newbies

Most beginners who are new to Crypto don’t fully understand how the Crypto market works. They are not able to understand the complexities of regulations. They are also not able to read market trends and understand other technical Crypto-related concepts.

Crypto Influencers serve the purpose of breaking down everything for non-technical people. They make the whole process easier for a beginner stepping into the Crypto trading world.

Most of the people stepping into the Crypto world don’t understand the concepts fully, or they are not able to study every lead and every development. That’s where a Crypto-Influencer is very vital. A Crypto influencer can give trading signals to their followers, or they can make even video content foretelling trends and advising which coin to invest in and when to invest. The followers then follow the lead of the influencer and make an informed decision when it comes to trading.

The Elon Musk EFFECT

The Elon Musk Effect on Bitcoin (credits: blockchainresearchlab)

There are Crypto influencers, and then there are top players of the game. Their following is huge, not only on social media but in the real world as well. They literally sometimes control the crypto trends. Elon Musk is one of the top players of the game, and maybe he’s the best at it. One Tweet on his Twitter handle can cause a huge rise in a coin’s price. On January 29, 2021, Musk changed his Twitter bio to #bitcoin. This saw a $600 rise in the price of Bitcoin within a matter of hours.

People like Elon Musk have also made huge efforts to make Cryptomainstream. You can now buy a Tesla with Bitcoin. Furthermore, they also invest in Crypto to gain huge profits. Tesla invested a whopping $1.5 Billion in Bitcoin (CNBC). This shows how serious the big guns are when it comes to

The Mia Khalifa and DogeCoin Case Study

Mia Khalifa’s Tweet about Dogecoin (source: twitter)

Crypto Market is guided by influencers. There are other influencers as well who don’t have any background in technology, but because of their mammoth fan following, they are able to make a huge impact and cause the price of any coin to rise instantly. Mia Khalifa, a Lebanese internet celebrity, tweeted how she had bought the “Dog stocks”, referring to Dogecoin. Mia Khalifa has around 3.5 million loyal Twitter followers. Her tweet reached millions more and definitely had an impact on the coin. Bizarrely or interestingly, other celebrities have also been tweeting about the Dogecoin causing its price to rise. There have been TikTok trends pushing the price of the coin upwards. Elon Musk himself has been actively promoting the DogeCoin on his social media handles.The future of Influencer Marketing and Cryptocurrency

There was a time when big social platforms such as Google and Facebook did not allow Crypto Marketing. However, that has changed now. Social media platforms have opened their doors to Cryptocurrency marketing.

Crypto Currency will stay very much dependent on influencer marketing. Influencer marketing is the primary force behind the Virtual currency. The currency is not backed up by gold or oil as other currencies usually are.