The year 2021 has been one of the most exciting in the history of cryptocurrency.
Crypto has fluctuated and thrived in such a way that investors have cashed out and the community has grown in size, with more people embracing digital assets than ever before.
Influencers, celebrities and industry investors have grown to love cryptocurrency, but NFTs and DAOs. Likewise, some countries warmed up to cryptocurrency with El Salvador making Bitcoin a legal tender. On the other hand, other countries swung their sword at cryptocurrency.
Today, cryptocurrency has more value than it did a year ago, let alone in the last decade. In 2021, the fallen crypto market saw the growth it deserved and Bitcoin’s price hit its all-time high of US$60,000 with the total cryptocurrency market cap crossing the preUS$1.5 trillion mark.
While the cryptocurrency ecosystem is still developing and evolving, many notable personalities have played and continue to play a key role in its mainstream adoption. Let’s find out the top five most influential cryptocurrency people including business leaders, and why crypto is greatly influenced by a network of individuals and a culture of people.
Generally, cryptocurrency can gain value on exchange platforms. It increases in value based on supply and demand. The supply of a cryptocurrency depends on how many new coins are being mined and how many current owners want to sell their coins. But prominent individuals can influence reactions to cryptocurrency.
Crypto influencers exert greater influence on the community than many from other domains. This is, in a way, due to the fact that not many people are openly willing to evangelise crypto, fearing regulatory action. But the ones that do control the sentiments of a majority of the community.
Elon Musk is probably the alpha influencer in the crypto world. Musk is key to the volatility story in May 2021 and the overall story of ups and downs of cryptocurrency value.
Now, why is cryptocurrency influenced by individuals? There are many industry influencers who have the right knowledge and educate their followers using their platforms. This set of people spreads the idea of cryptocurrency and converts people to crypto users/evangelists.
Influencers such as the late John McAfee, Anthony Pompliano, Vitalik Buterin, Roger Ver, among others change how people see cryptocurrency. Every industry has its influencers. People make people and things move. We cannot take out the factor of people from cryptocurrency.
In conclusion, the role of influencers in continually fertilising the ground for the growth of cryptocurrency is a component that cannot be removed. Cryptocurrency is based on a community and in every community, there are knowledgeable leaders who guide and sway the opinions of people toward certain concepts.
Influencers have been the go-to channel for any product or service working on cryptocurrencies. The major industry influencers are shaping up people’s convictions in the cryptocurrency industry and that’s how it should be. Surely, it has its risks as some influencers could be misleading enough to cause negative volatility.
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