The ‘Elon Effect’ shows how opinion leaders shape the FinTech market

Influencers have not been a force for good in the cryptocurrency market. More countries should consider regulating what they're required to disclose.

following the FTX meltdown. Why? Who knows. But it’s leaving users, investors and even FTX employees confused.

Even more, some of these influencers might not even have any familiarity or knowledge whatsoever about the product/asset/coin they’re promoting. Such was the case with reality TV star Kim Kardashian, whofor promoting EthereumMax, a smart contract-enabled platform for building decentralized applications. Kardashian then had to pay $1.26 million in penalties, disgorgement and interest to the United States Securities and Exchange Commission.

Another problem with influencers that needs to be mentioned is that a lot of them can be found violating advertising rules and misleading investors with shady products/assets. In the case of India, crypto influencers are responsible for 92% of crypto ad violations.

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