Influencers play a major role in shaping public opinion and driving discussions in the crypto industry – and the hype often reverberates around the market.
Elon Musk is a great example of influence at work. In 2021, his announcement that Tesla would accept Bitcoin payments triggered a new all-time high for BTC, and a huge surge in crypto mentions online. Not long after that, his love for the Doge meme led to a rise in interest for Dogecoin. And it doesn’t end there. Stars like Snoop Dogg have been vocal supporters of NFTs, driving the value of existing collections and shaping the space by launching their own projects.
But not all crypto influencers are celebrities. Bitboy Crypto emerged from obscurity to become one of the best-known voices in blockchain, with the power to influence a huge audience. But ironically, he became a victim of his own success when his hidden crypto connections raised suspicions about his personal brand.
In this article, we’ll explore the rise and fall of Bitboy Crypto.
Before Bitboy Crypto came to be, there was Ben Armstrong. Born in 1982 in the United States, he obtained a bachelor’s degree in ministry leadership, before setting out to build his own brand online.
Starting a YouTube channel called Bitboy Crypto in 2018, Armstrong positioned himself as a guide for everyday investors looking to navigate the often confusing world of cryptocurrency. The channel covers a wide range of crypto-related content, from technical explainers to daily news updates and market trends.
Armstrong’s influence in the space grew steadily, with Bitboy becoming a trusted name as more people turned to YouTube and social media looking for answers. But his ascent to prominence was not without controversy: his reach across different platforms has earned him a significant role in generating hype for new projects, something that later came to haunt him as public opinion turned. Whether it was substance abuse or his hubris, Bitboy crypto flew too close to the sun, causing his inevitable downfall.
To properly understand the story arc of Bitboy, we need to take a closer look at how Bitboy Crypto began. In 2018, Armstrong met with TJ Shedd who shared his passion for crypto. The two quickly became friends over their shared interests and TJ would later assume the role of CEO of Bitboy Crypto.
The Bitboy Crypto YouTube channel launched in February 2018, with Armstrong serving as the face of the channel. The affable presented quickly gained popularity for his straightforward style of explaining complex topics like blockchain, Bitcoin, and DeFi projects. Bitboy Crypto served as a hub for cryptocurrency news, tutorials, market analysis, and opinions on different projects. Armstrong’s content was easy to digest by both beginners and more experienced traders, making it popular with a broad user base.
By 2020, the channel was already a massive success. At its peak during the COVID pandemic, the channel had over a million subscribers and a growing fan base. By August 2023, the brand had a reach of over 3.3 million throughout their different social channels. Yet, by August 2023, Armstrong had been ousted as the face of Bitboy, following a slew of allegations about his public and personal conduct (we’ll come back to that below).
Bitboy Crypto’s influence extends far beyond just YouTube videos, with his content often sending ripples across the cryptocurrency market, thanks to his large following. By discussing specific cryptocurrencies or upcoming projects, Armstrong could drive interest in certain assets.
Often, when Armstrong talked about lesser-known altcoins or upcoming projects, their currency would see a boost in trading volume in the wake of the video. For example, Bitboy had a series where he revealed his top altcoins for the week, with his video on the top altcoins for October 2021 (when his channel was still at its peak) suggesting Tezos, among other tokens. On the very next day, Tezos reached its all-time high.
But it soon became apparent that BitBoy was also shilling bad projects, getting his audience to buy in so the developers and other insiders could sell out for a profit. The DISTX token is a great example. In 2020, Bitboy Crypto promoted and even partnered with DISTX through multiple videos, all of which have now been deleted (something that would become typical behaviour for the influencer).
Shortly after the endorsement, the DISTX project disappeared with the developers using the new investment spurred by Bitboy to sell out and abandon the project. In other words, it was a rug pull, given credibility by support from BitBoy.
Cases like this one turned investors (viewers) into exit liquidity for scammers and it wasn’t long before Armstrong’s reputation sustained serious damage. More on that shortly.
Outside of his YouTube channel, Ben Armstrong has diversified his business portfolio to extend his influence in the crypto world. He has ventured into writing and publishing books that introduce Bitcoin and cryptocurrencies to new users.
In addition to his content creation and educational products, Bitboy Crypto has partnered with various projects and companies in the blockchain industry. These partnerships have expanded his reach and influence, particularly among new blockchain projects looking to gain traction through exposure to his large audience.
However, while Bitboy has helped popularize cryptocurrency and make it more accessible, his influence also comes with challenges.
Bitboy Crypto has faced his fair share of controversies, with shilling at the top of the list. His undisclosed payments for promoting certain projects lead to doubts about the objectivity of his content, drawing heavy criticism from his followers. One user even got access to Armstrong’s “pricing on coin promos”, with the document suggesting the presenter was actively using his position for personal gain rather than providing unbiased coverage.
As we’ve mentioned with the DISTX token, some of the projects he endorsed experienced sharp price declines after wards. This left many investors facing significant losses, having followed his advice.
Some examples of projects promoted by Armstrong that later lost over 99% of their value include MYX, DISTX, ETHY, PAMP, and others. In typical fashion, Bitboy would later delete or unlist the video where he recommended the project so there’s no trace back to him.
Twitter’s crypto detective ZachXBT even dedicated an entire thread to Bitboy crypto’s list of promoted projects. Armstrong has addressed criticism by stating that he does not intend to mislead his audience and that his goal is to educate and inform people about cryptocurrency opportunities. Things continued to go further down for Armstrong.
In August 2023, Bitboy Crypto was fired from his flasghip Youtube channel amid a flurry of speculation. BJ Investment Holdings, the show’s parent company, cited drug abuse and “emotional, physical and financial damage done to the employees of Hit network & the Bitboy Crypto community”.
But this was just the start. Ben would later sue his partner TJ Shedd (CEO of Hit) and Shedd’s dad (CFO of Hit), accusing them of stealing his Lamborghini. Armstrong followed this up with a fundraiser of $150,000 to sue the parent company that fired him. Armsstrong’s personal life was also suffering, with his wife filing for divorce amid the scandal.
All of this led to the end of Bitboy Crypto as people knew it. The channel rebranded to Discover Crypto and continued to deliver daily crypto content. As for Armstrong, he had to start back from scratch and is currently dealing with a number of lawsuits from viewers, business partners and others.
Armstrong has since created a new YouTube channel and Twitter account, hoping to regain his followers. However, these have so far failed to gain the traction of his old platform, attracting just 126,000 followers compared to the 1 million+ subscribers he previously amassed. His latest videos attract a few thousand views at most, a fraction of the audience he once had.
It’s important to remember that no one can predict the future of cryptocurrency markets. Bitboy’s advice should not be taken as absolute or infallible, especially given his poor track record. Armstrong might be knowledgeable about cryptocurrency, and a skilled communicator, but his content comes with biases and conflicts of interest.
He has a history of paid promotions and occasional shilling of risky projects. This has raised questions about the objectivity of his recommendations. As a result, viewers and followers need to treat his advice with caution and complement it with their own independent research.
To make informed decisions in crypto, independent research is crucial. Here are a few steps you can take to get unbiased information:
Just like many other crypto influencers, Bitboy Crypto should not be considered an ideal source of investment advice. While his content can provide insights and education, investors must conduct their own research. Make sure you always remain cautious when following influencer recommendations.