‘Look carefully, I’ll show you the magic of 10 million won worth 10 billion won. Bitcoin master money eating’
In the recent 2030 generation, as the cryptocurrency investment craze is rising, more and more YouTubers and BJs are broadcasting the current status of cryptocurrency investment in real time to increase video views. Viewers who have witnessed the situation in which the price of cryptocurrency is soaring in real time are being dazzled only by the rate of return rather than the risk of investment, and there are more and more cases where they easily invest and lose money, raising concerns.
The cryptocurrency market is booming with investments from institutional investors and entrepreneurs in the global ultra-low interest rate situation. Bitcoin is trading in the $44,000 range as of 5 pm on the 26th. It surges and plunges every day, but it has risen more than 1100% in one year since it hit the lowest in March last year.
Amid an analysis that the 2030 generation is leading the cryptocurrency market, the number of single-person broadcasts related to cryptocurrency with them as the main audience has increased.
As of 7:00 pm on the 26th, 55 live broadcasts of the cryptocurrency investment situation were held on African TV, an online one-person broadcast. More than 5600 viewers participated in the top ranked broadcast. Of the 800 videos of’cryptocurrency broadcasts’ uploaded over the past year, the cumulative number of videos over the past month reached 500.
On the 21st, African TV BJ and YouTuber Cheolgu also invested in altcoins (one of the types of cryptocurrency) in a live broadcast related to cryptocurrency and earned 5 million won in 10 minutes. More than 100,000 people participated in the video. As the video became popular, he uploaded a series of videos that invest 3 billion won worth of assets in cryptocurrency.
Accordingly, there is also a side effect that viewers can easily follow the investment while watching the broadcast related to cryptocurrency. BJ Cheolgu’s video posted comments such as “I fell in love with bitcoin like this” and “I know I shouldn’t follow it, but I’m making a few million won in a matter of minutes, how can I not follow it?”
Even though there was a warning in the video that “do not obey”, people who bought and sold cryptocurrency followed him, and BJ Cheol-gu also received an order suspension from the exchange’s Upbit on the 26th for “disrupting the transaction order”.
There were also articles in the online community stating that they lost money after imitating the broadcast. A 22-year-old college student, who has been discharged from the military for a month, saw the rising bitcoin price every day and poured 5 million won of his total wealth into bitcoin. Mr. A, who lost nearly half of the money, complained that he had invested according to the broadcast related to cryptocurrency to recover the damage, but lost all the remaining money.
Mr. B, a public servant preparation student, also said, “I watched the BJ and YouTuber Cheolgu broadcast (to the cryptocurrency market), and then took up precious money,” he said. “I’m a college student studying only while watching YouTube. I will not touch it” he left.
The impact of cryptocurrency broadcasting on novice investors who started investing for the first time is even greater. This is because there is a high possibility of investing in cryptocurrency with large price fluctuations in situations where there is no understanding of the market or failure to establish investment principles.
Kang Mo (26), who recently started bitcoin after investing in stocks for a long time, said, “In stock broadcasts, viewers follow BJ and the return rate has gone from 0% to 0%. It also rises by 10%,” he said. “People who have invested in stocks for a long time will enjoy broadcasting, but they thought it would be really dangerous if they jumped into the investment board without knowing anything.”
Experts believe that cryptocurrency-related broadcasts can stimulate viewers’ investment sentiment. Kwak Geum-ju, a professor at Seoul National University’s Department of Psychology, said, “When you watch the broadcast and see the price of cryptocurrency rise and fall, you have no choice but to be shaken by the mind that’I can do it, too.’ He said, “I can see the situation in real time and feel unfair about’I can’t do it’ and jump into investment.”
“Cryptocurrency has no intrinsic value and has high price volatility, so it is more of speculation than investment,” said Kim Sang-bong, professor of economics at Hansung University. It was only subject to taxation, but it was not institutionalized,” he said.
He then advised, “People who want to invest by watching cryptocurrency-related broadcasts should consider the speculative nature and risk burden of cryptocurrency and make a decision.”