Most influencers just repeat the same advice – until they eventually get it right
Guruprasad Venkatesha provides many words of caution when following crypto influencers
“Many influencers keep saying Bitcoin to the moon tomorrow, definitely to Mars and all this kind of stuff. But how many times does it really happen?” asked Guruprasad Venkatesha in an interview with The Crypto Radio.
Venkatesha is the co-founder and CEO of b-cube.ai, an AI-driven platform. His research shows that when influencers do eventually get it right, it comes after repeating the same thing many times. The law of averages would dictate that eventually they would get a prediction right, even if it comes after multiple wrong calls. “This would be a bit controversial, but everybody is not an influencer right? They're paid shillers, in my opinion. And influencers are very different from key opinion leaders (KOLs) or somebody who is educated, who understands the stuff, who understands the technical things.”
The research analyzed around 2,000 people who had posted on crypto, including influencers and KOLs. “What we observed was nearly 60% of them keep saying the same thing in different ways, whether it's Bitcoin or Ethereum predictions or Solana. “They are saying it in so many different ways, but essentially it's the same. Why they are saying it is because they have some vested interest in that. Probably they’re investors, probably they’re advisors. Their bags are under pressure, so they just want to pump up their bags and nothing else.”
Buying followers
Venkatesha also questioned the millions of followers that some influencers have. “There are a lot of people having 500,000, 800,000, one million followers, but 80% of them are bots or paid people.”
How does he know? “This will not fool us because our systems are quite smart to see. Like what is your Twitter score? Who is following you? Just because you are having big number doesn't mean anything. Very few people were really very effective in our engine based on the tweets that they made, based on the sessions that they were making.” As an alternative, he pointed to sources such as Reddit, Coin Telegraph and BeInCrypto.
