The relentless growth of the cryptocurrency sector has created a new category of social media influencers – crypto influencers. Their popularity has exploded, while at the same time the lack of regulation in this new and exciting world of influencing has raised concerns about the responsibility that should follow, especially concerning health issues and financial advice.
In June this year, France became the first country to pass legislation that directly regulates influencers’ activity on social media. Those posting paid content and failing to disclose that fact, as well as those promoting sports betting, cosmetic surgery or risky financial products and digital currencies can face up to two years in prison and a fine of €300,000 ($326,380 according to the exchange rate on July 5, 2023). Interestingly, the law applies to both influencers within France and to those outside of the country and the European Union. So, can crypto influencers afford to break the new rules?
The team at TradingPedia looked at the crypto influencers with the largest following on Twitter and estimated how much they could be earning from posting sponsored content on the platform. It turns out that some of them could easily earn what is needed to cover the maximum fine imposed by the French regulators with just a handful of sponsored posts on Twitter.
The Most Followed Crypto Influencers on Twitter
Due to its fast content delivery and the immense exposure it provides, Twitter is particularly suitable for marketing and advertising cryptocurrency-related services. Skilled influencers are adept at monetising their expertise, with earnings exceeding $50,000 per post. Thus, even if they inadvertently violate the new regulations, the top-grossing crypto influencers can compensate for the maximum fine with just a few posts.
Changpeng Zhao commonly known as CZ Binance ranks first both in terms of the number of Twitter followers (8,500,000) and his estimated earnings per post ($63,809 – $106,349). In the hypothetical situation where the Chinese-born billionaire is fined $328,980, he would recover the loss from no more than 5 posts.
The second most followed crypto influencer is Twitter and Square’s co-founder Jack Dorsey (6,500,000 followers and estimated earnings per post of between $48,866 and $81,444). The third position is held by El Salvador’s president Nayib Bukele who is followed by 5,200,000 Twitter users and could be earning between $39,460 and $65,766 per post.
Methodology
In order to make the above calculations, we used the Twitter Money Calculator tool provided by InfluencerMarketingHub. The minimum number of posts to cover the fine was obtained by dividing $326,380 by the lower value of the earnings range of each crypto influencer. Please keep in mind that the entrepreneurs in our listing are either millionaires or billionaires (CZ Binance and Jack Dorsey) and therefore may never post sponsored content. What we show in our report is simply how much they could earn if they decided to do so.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover