by Tanush

Cryptocurrency has finally expanded into social media- and I’m not talking about crypto Twitter. Bitclout is the fresh new child of the crypto market, and it aims to combine the two things millennials love the most; social media and cryptocurrency.

Bitclout was released less than a month ago as a social media platform by anonymous blockchain users. According to its statement with Hypebeast last week, it allows users to “speculate on people and posts with real money, and it’s built from the ground up as its own custom blockchain”. Users are able to establish accounts to post images, share stories in a similar fashion to Twitter, a clear inspiration for the platform. Each account acts as its own NFT, and can be treated as its own coin. From there, other users can interact with the user and pay real money to invest in them, which boosts the price of the account. In essence, Bitclout commodifies your account into an NFT that you can profit from- depending on what you post.

Tony Wu, a pioneering junior investor notes the platform’s appeal. He suggests that his “early investments into people like Elon Musk have led to (him) making huge amounts of money”. He is currently in hold of several accounts that total to a portfolio worth over 10 thousand dollars. As the app is in its fledgling stages, early investment has seen massive returns due to the initial growth. The growth doesn’t appear to be slowing down either, as Diamondhand, the anonymous creator of Bitclout, reports legitimate foundations such as Jordan Belfort, Coinbase and Social Capital are backing Bitclout- adding to its own legitimacy as a platform.

But it isn’t all sunshine and rainbows for the newfound NFT. For one, Bitclout has created accounts for the top 15,000 users on Twitter, and commodifies their identities without their consent. Brandon Curtis, a victim of the auto-account system has filed a lawsuit against the platform for using his name and identity without his consent. Many also rallied arms on Twitter to point this out. Furthermore, it is unclear what power monetizing social media holds. As user prequelmemes on Bitclout points out, the capacity for “cancel culture” is heightened as money can be weaponized in a far worse manner than words. Techcrunch also points out that while investment may be easy, cashing out is not.

So, should you opt into Bitclout? Jordan Belfort was right when he said the answer is yes. If you have a decent knowledge of diverse investment and blockchain, then I would highly recommend creating an account and getting started. The site gives you an initial amount of coins, which is more than enough to get you started and grow- especially if you ride the early bird wave. If you feel comfortable enough to spend some money, then maybe dish out a little bit and practice investment through Bitclout.

Ultimately, the site is an enticing new twist on social media and investment, and should be watched by anyone interested in cryptocurrency. With a few hiccups regarding user information, it is fair to say that there is risk- but growth likely means that the platform will iron out its issues as times goes on. As for whether it’s a new frontier, only time- and money- will tell.

Resources

• Dale, Brady, et al. “What Is BitClout? The Social Media Experiment Sparking Controversy on Twitter.” CoinDesk, 24 Mar. 2021, www.coindesk.com/what-is-bitclout-the-social-media-experiment-stoking-controversy-on-twitter.
• Matney, Lucas. “Crypto Social Network BitClout Arrives with a Bevy of High-Profile Investors – and Skeptics.” TechCrunch, TechCrunch, 23 Mar. 2021, techcrunch.com/2021/03/22/crypto-social-network-bitclout-arrives-with-a-bevy-of-high-profile-investors-and-skeptics/.
• Perper, Rosie. “BitClout Is the New Crypto Social Network That Lets You Bet on People’s Reputations.” HYPEBEAST, HYPEBEAST, 2 Apr. 2021, hypebeast.com/2021/4/what-is-bitclout-crypto-social-network-buy-trade-creator-coins.