Popular Cryptocurrency YouTubers Saying "Keep Holding On," Is It True?

Popular YouTubers with Hundreds of Thousands of Subscribers Promote Conspiracy Theories and Media Distrust Blaming Factions
Boosting Stocks with Baseless Logic
Subscribers Angry Over Investment Losses Demand Portfolio Disclosure, Ignored

[Asia Economy Reporter Gong Byung-sun] At the end of last month, Mr. Juhyungjin (44, pseudonym) was preparing to invest in cryptocurrency when he came across a cryptocurrency-related YouTuber named Charlie Braung. He invested according to recommendations from YouTubers like Ripple and Neo but only incurred losses. Recently, as the cryptocurrency market has fallen into a slump, the losses have deepened. Mr. Ju said, "The losses are so big that it's hard to cut my losses," adding, "Although investment is a personal responsibility, I resent the YouTubers who told me to invest with confidence."

As the cryptocurrency market continues to plunge daily, some YouTubers are appearing, urging viewers to either hold on blindly or buy more. They have even gone so far as to raise conspiracy theories to support their claims. While some viewers find comfort in the words of YouTubers with over 100,000 subscribers, others have pushed back, demanding disclosure of investment details.

As of the 24th, Charlie Braung, a YouTuber with about 440,000 subscribers, presented baseless price levels and insisted on holding rather than selling. On the 22nd, he emphasized that the price would not fall below 42 million KRW and that it was rather a time to buy. He also hinted at price levels by saying he holds Neo cryptocurrency and plans to sell if it reaches 300,000 KRW. At 1:39 a.m. that day, Bitcoin had fallen to 39.33 million KRW, and Neo was trading at 52,750 KRW, down 19.07% from the previous day.

He also proposed conspiracy theories, claiming that the recent cryptocurrency downturn was orchestrated by powerful groups. He said, "Forces across all sectors are colluding to drive down cryptocurrency prices," and "The media, which has been releasing bad news recently, is part of these forces." He even implied that Paul Krugman, Nobel Prize-winning economist and professor at the City University of New York, is part of these forces.

Conspiracy theory that Elon Musk is being threatened by these forces... Information chosen with confirmation bias

Another YouTuber, Bitshua, also emphasized that the current downturn is a ploy by forces wanting to buy at the bottom. He suggested that Tesla CEO Elon Musk began criticizing Bitcoin recently due to threats from these forces. The financial sector that helped Tesla during its management difficulties is allegedly exploiting Musk to trigger a cryptocurrency market crash.

Confirmation bias was also evident in information selection. Regarding recent media reports that China is even restricting cryptocurrency mining, he claimed these were merely attempts by the media to systematically lower prices and should not be trusted. However, he cited comments by Cathie Wood, CEO of Ark Investment, who appeared on Bloomberg TV, as evidence. Wood claimed Bitcoin would rise to $500,000 (about 563.75 million KRW), though her claim has been criticized for lacking solid evidence.

Even YouTubers specializing in cryptocurrency suffered significant losses during this downturn, causing confusion among viewers. YouTuber A, who recommended safe, installment-style cryptocurrency investments, personally lost about 3 billion KRW due to risky investments. He borrowed cryptocurrency using DeFi, a cryptocurrency-specific financial system, and invested in high-risk products but failed to respond to the rapid decline, losing money instantly.

Viewers of cryptocurrency-related YouTube videos showed mixed reactions. Some found comfort in the videos despite anxiety over the plunging market, while others were angry, saying they trusted the advice and only suffered losses. One viewer said, "They actively participated in the market by selecting cryptocurrencies to invest in, but even during the recent downturn, they presented incomprehensible grounds, making it hard to trust them," adding, "They should disclose their investment details and act more like public figures."