Cambridge Professor Calls Out Crypto Influencers’ Use of TikTok-Style Cult Communities for Profit
Crypto influencers use platforms like TikTok to appeal to people’s desire for social belonging by forming inclusive communities that resemble cults, according to a Cambridge professor.
Research referenced in Professor Alan Jagolinzer’s study suggests that TikTok and other social media platforms leverage social-psychological factors that attract audiences, including crypto investors, to influencers.
“The drive to be part of an ‘in crowd’ is so profound that many people will engage in self-destructive behaviour to obtain access or increase status in certain communities,” Jagolinzer said. “Crypto influencers exploit this and can financially profit from their flock of believers.”
He also stated that crypto trading is disproportionately dominated by young men, which is what led to the popular term “crypto bros.”
The drive to be part of an ‘in crowd’ is so profound that many people will engage in self-destructive behaviour to obtain access or increase status. Crypto influencers exploit this and can financially profit from their flock of believers.@CambridgeJBS https://t.co/9xHiFregj6
— Alan Jagolinzer (@jagolinzer) June 25, 2024
With over a billion users, mostly young adults, TikTok offers crypto influencers a massive and targeted audience. The platform’s algorithm ensures content reaches those most interested in a targeted space. This makes it a prime ground for engaging the next generation of investors.
TikTok has itself dipped its toes into crypto, partnering with creators for NFT launches.
Cryptocurrency names too are getting creative, some bordering on the bizarre, according to Jagolinzer. He mentioned coins named after religious figures (JESUS), internet jokes (FART), and even politicians (King Trump).
The trend extends to pop
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