“On the internet, nobody knows you’re a dog,” as the meme goes, and with Elon Musk tweeting “he who controls the memes controls the universe” and “You can now buy a Tesla with Bitcoin,” the crypto world’s embrace of next-generation technology, entertainment, storytelling, anonymity, and meme power complicates the search for truth and value.
Attracting the masses through engaging stories has become commonplace in the crypto era. Perhaps in this era, it is clear that the value or truth doesn’t lie solely in some factual data, but in complex narratives woven from reason, emotion, and even myth.
Memes, reel culture, movies, and most predominantly news media, all play a role in carrying and evolving these modern myths. Also, like ancient prophets and gurus who were followed by a large number of people, now we have potent digital politicians, media gurus, and other influencers who can build trustworthiness around the masses with their strong opinions, and guide them.
Within this realm, exist some kinds of individuals who are regularly sought out by people for scholarly opinions and advice. Someone you can trust, somebody who has proved their excellence in the subject matter, and someone whose opinions always work in action. These people are called Key Opinion Leaders or KOLs.
Who are Key Opinion Leaders (KOLs) in Crypto?
As the name suggests, Key Opinion Leaders in crypto are the individuals or firms with expertise in blockchain technology and the market direction. They largely influence the people’s trading, holding, and participation decisions.
KOLs usually have huge social media followers and high TRP ratings in news programs. We can find KOLs on Twitter (X), YouTube, news channels, and public campaigns.
Key Opinion Leaders are the ones who are closely associated with the Market Makers. We can see the trend of brands approaching KOLs for marketing their crypto products. In the history of crypto, many KOLs have had a significant impact on the market.
What is the Difference Between an Influencer and a Key Opinion Leader?
Both influencers and KOLs provide valuable insights into the latest trends, tokens, news, and the condition of the market. On a fundamental level, both work through a leader-follower system like ancient prophets.
Even though there are similarities between influencers and KOLs, some key differences make the Key Opinion Leaders superior to influencers. The KOLs have proven expertise in the crypto world.
Influencers usually have a mindset of providing sponsored content, and we can feel it in their polished presentation. On the other hand, Key Opinion Leaders, with their professional background, usually tell us the truth in the most realistic way possible.
Popular KOLs in the Crypto Space
Key Opinion Leaders don’t mean only individuals, firms like Coin Bearou, and anonymous profiles like PlanB can also be categorized as KOLs. However, here is a short list of some prominent individual KOLs in the crypto space:
- Vitalik Buterin: The co-founder of Ethereum Blockchain, Vitalik Buterin is a programming expert with a deep knowledge of blockchain technology. He often writes insightful blog posts and has more than 5 million followers on Twitter (X).
- Jack Dorsey: Former CEO and co-founder of Twitter (X) Jack Dorsey is a programmer and a philanthropist. With 6.4 million followers on Twitter, Jack has a strong community of supporters because of his genuineness and spiritual lifestyle.
- Changpeng Zhao: The founder of the Binance ecosystem, and the former CEO of Binance, Changpeng Zhao AKA CZ_Binance, has 8.9 million followers on Twitter. As a person with strong expertise in crypto, his opinions are valued by many. He has a soft war with Elon Musk, just like Zuckerberg. The interesting fact is he was sentenced to 4-month prison two months ago.
- Michael Saylor: He is the co-founder and executive chairman of MicroStrategy, a company that provides business guidelines and cloud-based services. In 2020, he diversified his portfolio by adding Bitcoin, and last year MicroStrategy purchased 140000 Bitcoin, which was one of the reasons for the current bull market.
Is Elon Musk a Credible KOL?
Elon Musk is a popular KOL in the crypto world. As a renowned personality with 190 million Twitter (X) followers, his tweets regarding crypto have a huge impact on the market.
Elon Musk’s tweet “You can now buy a Tesla with Bitcoin,” ignited the 2021 Bull market. Whenever he tweets about Doge, the Dogecoin pumps. This happened multiple times and continues.
The issue with Elon Musk is that his expertise in the blockchain is problematic. It is confusing and there is uncertainty in whether he is serious or silly on crypto. Many accuse him of polluting the crypto market. Contrary to that, many crypto enthusiasts think that it is because of him that Web3 got this much visibility.
The Trustworthiness of KOLs
If you are an investor looking for the best asset to invest, or if have already invested, and now looking for an exit strategy, you need the guidance of KOLs. However, it is important to do your research before blindly testing KOLs. DYOR!
Final Thoughts; The KOLs and The Future of Crypto
As influencers may mislead people with their strong narratives with the assistance of nuanced sight & sound technologies, we need people with proven expertise and strong opinions to become our Key Opinion Leaders.
We can see that the crypto environment lacks genuine KOLs. Even some of the most trusted people have cheated the community with their fraudulent activities. Great oratory skills and presentation skills won’t do good. If someone can talk brilliantly about a problem, like most influencers do, it can create an illusion that it has been mastered. We don’t need people like that. We need individuals and groups with genuine experience, proven expertise, and strong moral standards in crypto.
The emerging Web3 technology and changing media consumption habits have opened new doors for diverse voices, and we expect a new generation of KOLs with the potential to lead the path to a promising future will arrive soon.
Read more: What Is A Gas Fee In Crypto? How To Save Gas? How To Calculate? The Complete Guide To Web3 Gas Fees
