Key Takeaways
- BitBoy Crypto is the most influential crypto figure on YouTube, especially among novices in the sector.
- His use of his platform to advocate dubious crypto tokens has been criticised.
- BitBoy recently threatened to sue Atozy for criticising his actions but has now stated that he wouldn’t pursue legal action.
BitBoy’s reputation in the crypto community is hitting new lows.
BitBoy Crypto vs. Atozy
The crypto community is scrutinising BitBoy Crypto’s unsuccessful attempt to sue Atozy.
Benjamin Armstrong, a YouTube influencer, stirred uproar earlier this month when it was revealed that he had attempted to sue Atozy, another YouTuber. Armstrong issued the threats when Atozy aired a video in November 2021 with the title “This Youtuber Scams His Fans… Bitboy Crypto.”
This Youtuber Scams His Fans… Bitboy Crypto
Atozy, whose actual name is Erling Mengshoel Jr., revealed through Twitter that he was engaged in a legal dispute with Armstrong. This prompted renowned crypto celebrity Cobie to give $100,000 to the cause and the community’s tremendous support.
Armstrong responded by announcing on August 24 that he was dropping the case, triggering community excitement. Observers developed memes, songs, and NFTs to commemorate the event. “It looks like everyone is doing the right thing now… Yay for happy endings,” stated David Schwartz, chief technology officer of Ripple.
On August 26, Mengshoel Jr. then posted a perplexing update. Armstrong’s attorneys hadn’t dropped the action. They had filed a return of service with a response date for Mengshoel Jr. This update raises the issue of whether Armstrong lied when he stated he was abandoning the lawsuit or whether his legal staff was out of control.
Jake Chervinsky, one of the most famous attorneys in the crypto sector, noted that court filings sometimes take days to reach the public docket, meaning that the return of service might have been filed before Armstrong chose to drop the action. Nevertheless, he stated that it might take about five minutes for a plaintiff to submit a notice of dismissal, and it looked like the procedure had not been commenced.
In response to Mengshoel Jr., Armstrong stated that the reason for the return of service filing was the delay in processing time. “Speaking with a lawyer today. Will be officially dropped on lawyer end by early next week,” he wrote. “As soon as it’s done, I will let everyone know. It’s a process. So yea, it is over. Just need some paperwork done to wrap it up.”
While Armstrong’s statement may be valid, it is difficult to dismiss his troubled past. Armstrong has garnered so much hatred over the years for a reason.
Paid Marketing
Armstrong has 1.44 million YouTube subscribers and more than 883,400 Twitter followers at the time of writing. Frequently, he is one of the most popular figures with crypto novices. However, as ZachXBT, Coffeezilla, and Anthony Pompliano have pointed out, Armstrong routinely promotes dubious crypto ventures to his uninformed and usually inexperienced audience. Armstrong does not sponsor ventures because he is a fan; he does them for financial gain.
Earlier this year, a paper purportedly detailing Armstrong’s marketing conditions leaked in the crypto realm as part of a ZachXBT exposé. Armstrong allegedly charges $35,000 for dedicated crypto project evaluations, $20,000 to mention a project on one of his live streams, $40,000 for an interview, $10,000 for a Telegram AMA session, and $2,500 for a website text post. Mengshoel Jr.’s video contained the same claims that sparked Armstrong’s legal threats.
Multiple initiatives, like Pamp Network and Kasta, have stalled since Armstrong’s endorsement. When a project fails following Armstrong’s endorsement, he regularly deletes or unlists promotional videos to hide his tracks. For instance, a video promoting Pamp, an abandoned project Mengshoel Jr. criticised Armstrong for supporting, is nowhere to be seen now that its token has crashed.
Despite Armstrong’s terrible track record, mainstream media outlets have contacted him on Bitcoin, Ethereum, and the larger cryptocurrency industry several times in the past year. A Fox Business presenter posed the question to Armstrong on November 1: “Shiba Inu, do you like that? Dogecoin, Ripple. Talk to me about those names,” In response, Armstrong said that he believed Ripple would be the most volatile cryptocurrency in the next few months. Nine days later, XRP reached a high of $1.32, currently trading at $0.33.
BitBoy Threatens Legal Action
“Never in the history of this channel have I [misled my viewers]. Not one time. Not one single time have I ever done that… And the words that come out of your mouth, that buy into the meme culture in the echo chamber that you live in—it’s asinine, Pomp, it really is. You’re out here assassinating people’s characters.”
This was Armstrong’s rejoinder to Pompliano’s claim that he misled his audience. Armstrong has repeatedly disputed the accusations brought against him and asserted mental suffering. But in December 2021, he devised a new strategy: intimidating individuals with litigation. Other than his threats against Mengshoel Jr., none of his prior warnings resulted in legal action. Armstrong previously considered suing Twitter for failing to give him a blue checkmark. He attempted to arrange a class-action lawsuit against Celsius in June when the fund faced an insolvency problem.
Given that Armstrong declared (whether true or not) that he was dismissing his action against Mengshoel Jr. hours after Cobie handed him $100,000 to finance legal bills, Armstrong is very likely to use litigation as a means of intimidating his detractors. In this instance, though, his approach has failed (spectacularly so).
How Long Can Bitboy Exist?
While Armstrong has received criticism for his actions towards Mengshoel Jr., he is unlikely to incur severe consequences soon. Armstrong may be a fraud by many of the industry’s longest-tenured participants, but it does not mean he is not popular among crypto enthusiasts. A peek at his YouTube page reveals that the number of views on his most recent videos is comparable to those of his videos made during the 2021 bull market.
The nature of his audience must also be considered: even if old fans leave owing to his poor calls, there will be newcomers to replace them. Still, at least a portion of Armstrong’s enduring fanbase is catching on. In a video titled “Cardano: MILLIONAIRE MAKER (Why ADA WILL Make You RICH in 2023!),” published on August 21, numerous viewers criticised Armstrong for making poor predictions about ADA in the past.
Cardano: MILLIONAIRE MAKER (Why ADA WILL Make You RICH in 2023!)
For the time being, BitBoy Crypto is still the most prominent crypto influencer in the world. Still, with each new scandal, Armstrong’s media firm is in danger of experiencing the same demise as the questionable currencies on his shill list: going to zero.