BitBoy Crypto was fired from his Parent company last month.
You all heard the news. Many are surprised.
He was fired from the company he built. Is that even possible?
The company announced this on socials, and Bitboy himself has dropped a statement.
But what really happened?
Why was he fired?
Is he coming back?
Let’s start with how he started.
BitBoy Crypto – How It All Started
Bit Boy Crypto’s real name is Ben Armstrong, and he used to work as a salesman for event tickets.
He started his crypto journey in 2012 when he invested in Bitcoin for the first time; Bitcoin was under $5 then.
Then, he didn’t have much knowledge about the technology; he thought of Bitcoin as just another online gambling thing.
His investment paid off, so he became interested in the potential of cryptocurrencies to revolutionize the financial system.
And this hot interest inspired the launch of his YouTube channel, BitBoy Crypto, in 2018.
So, Armstrong quit his job to focus on cryptocurrency full-time. On his YouTube channel, he shares his knowledge and insights about cryptocurrency.
Impressively, the channel quickly became one of the most popular cryptocurrency channels on YouTube.
All thanks to his right predictions during the 2018 Bear season. BitBoy had predicted that the market would spike again.
And in the 2019/2020 COVID-19 escapade, the crypto industry saw increased demand that fueled the bull market of 2021.
This outcome earned BitBoy the trust of his followers, which he called the BitSquad.
So, Armstrong became a successful entrepreneur in the cryptocurrency space.
Apart from his YouTube Channel, he also speaks at cryptocurrency conferences and events.
In 2022, BJ Investment Holdings, a private equity firm, acquired BitBoy Crypto to expand into the cryptocurrency space.
The firm helped to grow the channel and website, and it also provided Armstrong with financial resources to support his work.
Unfortunately, last month (August 2023), this same supportive company fired BitBoy, citing allegations of substance abuse as the reason for his termination.
But how did BitBoy go from being a top influencer to being jobless?
We will look at 3 theories supporting this below.
The Fall of Bitboy: From Top Influencer to Being Jobless
There are 3 theories:
I. Promotion of Scam Projects
BitBoy has promoted scam projects in the past.
Knowingly or Unknowingly – I don’t know!
It was lucrative to promote projects. He charges $20,000 to $40,000 for YouTube promotion.
Imagine charging that for a 5 to 30-minute video.
It’s not bad, only that some of the projects were scams.
ZachXBT reported 10 scam projects promoted by Bitcoin as of January 2022.
Here are some of them:
- MYX
Though his community warned that it was a scam, he published the video and deleted it after it became a scam.
2. $DISTX
He titled this the most trusted coin, but alas, the project crashed eventually.
3. Zao Finance
This, too, turned out to be an exit scam.
4. $ETHY
This turned out to be a rug pull.
ZackXBT released this after the Bitboy team stated that they vet their project.
It doesn’t end there, though.
In March 2023, BitBoy was sued by a class of investors who claimed that he had promoted the now-failed crypto exchange FTX without disclosing that he was being paid to do so.
The court case is still open at the moment.
So, many investors have lost money listening to BitBoy.
But in Bitboy’s Defence:
- He always includes a disclaimer, e.g., not financial advice, do your own due diligence.
- He said he deleted the videos when he realized they were scams so that people would not watch them and still purchase the scam coin.
- For sponsored content, he always labeled them as ‘sponsored content.’
- The scammed coins that were promoted were vetted by his team to be legit, so he has altogether stopped accepting sponsored promotions. (and truly, for months now, he has not)
- He has made truly good calls that people have made money from.
So, the Scam coin allegations are not the reason he was fired.
The reason is that it’s a coup.
II. Coup Attempt
Ben made a tweet on August 27th through @joinbenCoin.
He mentioned that TJ Shedd and Williams were responsible for the coup.
I will leave it at that because it was invalidated by his statement confirming the 3rd reason – substance abuse.
III. Substance Abuse
The company claimed that Armstrong suffers from substance abuse.
They also alleged that he caused “emotional, physical, and financial damage” to other employees.
He has been denied access to BitBoy Crypto and Hit Network.
His face has been removed from all the handles as well.
Ben Armstrong actually confirmed this accusation.
But I do not think he is ever coming back.
On 6th September 2023, he created a new Twitter account @BenArmstrongsX, opening with a video that the Bitboy brand is dead, that he is building from scratch.
As reported by Coindesk, Ben Armstrong was arrested but released on bail on 26th September 2023.
He was allegedly arrested after confronting his former boss for holding his Lamborghini.
As a result, the $BEN tokens plummeted 30% on the day of his arrest.
But will there ever be a comeback for Ben Armstrong? Will the Bitboy brand ever rise again?
Let me know your thoughts in the comment section.
Meanwhile, if you want to learn how to trade crypto profitably, sign up on Bybit and join our Telegram group.
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Till my next post, keep holding!
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