In the early days of cryptocurrency, this new realm was seen as the “Wild West” market of the new era, with its volatile prices and unpredictable market sentiment. Another reason it was called the “Wild West market” was because there were people making big profits and some suffering crushing losses.
Influencers, one of the Wild West players in the crypto market, have decided to take advantage of this new industry in hopes of reaching a new audience. One such crypto influencer is Ben Armstrong, often referred to as Bitboy Crypto, who has taken to YouTube and X (formerly Twitter) to share his analysis of Bitcoin and altcoin charts and speculate on upcoming prices in the coming weeks.
Ben Armstrong was also one of the influencers who was able to grow with the crypto market. However, currently, Ben Armstrong, also known as Bitboy Crypto, has faced a massive drop and has attracted the attention of several mainstream media outlets and community members.
He is known for allegedly promoting several altcoins for his own benefit. Additionally, there are allegations that he was directly or indirectly responsible for fraud, including rug-pull schemes. Could this be the reason why Armstrong was fired from BH Investment Holdings? Probably, YES!
After leaving HIT Network and Bitboy Crypto, the crypto influencer launched a new channel called Ben Armstrong Crypto, which has over 92,000 subscribers.
One of Ben Armstrong’s get-rich-quick schemes involved his content creation activities on his famous “Bitboy Crypto” channel. Previously, reports claimed that the influencer had become rich through his cryptocurrency investments. Armstrong reportedly invested in BTC in 2012 when it was worth less than $20, allowing him to make a significant profit compared to the current market price.
Armstrong often showed off his wealth with his silver Lamborghini Huracan Performante, a common sign of high-profit success in the early days of cryptocurrency. In addition to the Lamborghini, Armstrong could often be seen wearing Gucci T-shirts, especially the infamous green Gucci-branded pantsuit.
While there were signs that Armstrong was wealthy, it was difficult to determine the actual wealth of Bitboy Crypto for two reasons: he never shared his real value with the public, and the cryptocurrency market was highly volatile, making it difficult to estimate the value of his digital asset portfolio.
However, media outlet DataWallet analyzed and found that Armstrong's gross net worth would be around $10 million in 2022. Again, this figure was not accurate as several other organizations claimed that Armstrong's net worth was over $10 million.
The crypto influencer, during his growth phase, offered his fans products as well as exclusive content if they paid him more money. Affiliate and partnership programs would also help him earn more income.
Another source of income was his book, Catching Up with Cryptocurrency: Your Guide to Bitcoin and the New Digital Economy, which was sold and promoted on various platforms. Given all the data, it is safe to assume that Bitboy Crypto could have crossed the $10 million mark in the past.
A Reddit user named “Crypto Reality” leaked a media kit of crypto influencers that listed several fees for the services they provide. According to the chart, Bitboy Crypto charged $40,000 for one full, dedicated review. In the notes section, it was noted that projects could opt for a segmented video for $15,000.
However, looking at the dedicated Bitboy Crypto media kit, Armstrong apparently charged $35,000 for a dedicated review. Meanwhile, for a live mention and YouTube interview, he charged $20,000 and $40,000, respectively. For a Telegram AMA on Bitsquad, Armstrong charged $10,000. Finally, publishing an article on a website with Bitboy Crypto costs $2,500.
Despite earning a lot of profit and living a luxurious lifestyle, Armstrong faced a sudden downfall, losing his Lambo, his reputation, and of course, his money. It seems that Armstrong must have dug a deep hole in his alleged scams and schemes.
Another project that Armstrong promoted and later faced intense scrutiny was Hex. Even in a recent YouTube video, ex-Bitboy Crypto still exclaimed, “Hex is not a scam.” Despite Armstrong’s insistence that the project is not a scam, some in the crypto community have noted that Hex looks like a Ponzi scheme.
On the last day of July 2023, the Securities and Exchange Commission (SEC) charged Richard Hart and three unincorporated entities owned by him, Hex, PulseChain, and PulseX, for conducting unregistered crypto-asset securities offerings that raised more than $1 billion in crypto assets from investors.
Based on the press release, the SEC also charged Heart and PulseChain with fraud for misappropriating at least $12 million in proceeds from the offering to purchase luxury goods, including sports cars, watches, and a 555-carat black diamond known as the "Enigma" — reportedly the largest black diamond in the world.
Currently, HEX is still below the $0.01 price level; however, the Hex community is still expressing support for the project on social media. The support of the Hex community may be a sign that they still believe in Richard Hart and his project despite the intense scrutiny
Ben Armstrong, along with several influential people, receives money to promote some crypto projects. A CNBC report revealed that Armstrong did accept payments from crypto companies to promote their products.
Reflecting on past mistakes, the attention-seeking influencer also mentioned that he “hates” when he talks about projects that didn’t succeed. Aside from the collaborations that have come to light, there have been several other crypto projects like Ethereum Yield, Cypherium, and MYX Network that have failed, dropping sharply in price.
"I mean, of course I do. I hate it when we talk about things that didn't work."
Ben Armstrong’s actions and career path clearly indicate that influencers play a key role and have a significant impact on crypto projects when used as a marketing tool. In the report, the American influencer mentioned that he “has disclosed all of his paid advertising videos.”
Summary: Armstrong is a newly-minted guru who raised his advertising rating during the growth of BTC and nothing more. Why does he persistently comment$XRP ?Because $XRP - this is a win-win option, which in any case, - based on its usefulness in the future eco-system, - will rise to unimaginable heights. Well, Armstrong, remembering the history with the military-technical cooperation, will reap his harvest and, for example, write a new book ...
#RippleLab #BinanceTurns7
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