Within the cryptocurrency community, BitBoy’s reputation is sinking to new depths.
BitBoy Crypto Competes Against Atozy
The cryptocurrency world is looking more closely at BitBoy Crypto as a result of his failed attempt to sue Atozy.
When it came to light earlier this month that a YouTube influencer by the name of Benjamin Armstrong had attempted to sue another YouTuber by the name of Atozy, the controversy that ensued was understandably shocking. After Atozy uploaded a video in November 2021 with the title “This Youtuber Scams His Fans… Bitboy Crypto,” Armstrong became enraged and began to offer threats. On Twitter, Atozy, whose true name is Erling Mengshoel Jr., revealed that he will be engaged in a legal conflict with Armstrong. Because of this, the well-known crypto celebrity Cobie decided to contribute $100,000 to the defense of the lawsuit, which has received huge support from the crypto community.
Armstrong made the announcement on August 24 that he was withdrawing the case in response, which resulted in both jubilation and mockery from members of the community. Spectators came up with memes, songs, and non-fiction texts (NFTs) to commemorate the event. “It would appear that everyone is acting responsibly at this time… David Schwartz, the chief technology officer for Ripple, exclaimed, “Yay for happy endings.”
The following day, August 26, Mengshoel Jr. sent a confusing update on Twitter. He asserted that the lawsuit had not been dropped by Armstrong’s legal team, and that they had, in fact, filed a return of service that established a deadline for Mengshoel Jr. to produce a legal response to the allegations. This new information raised the following question: did Armstrong lie when he indicated he was abandoning the action, or was his legal staff spinning out of control?
Because it might take a few days for court filings to appear on the public docket, one of the most well-known attorneys working in the cryptocurrency area, Jake Chervinsky, pointed out that the return of service could have been filed before Armstrong chose to give up on the lawsuit. However, he indicated that it “takes like five minutes for a plaintiff to file a notice of dismissal” and that it appeared that the procedure had not been launched. He said this despite the fact that it “takes like five minutes for a plaintiff to file a notice of dismissal.”
In response to Mengshoel Jr.’s question, Armstrong explained that the reason for the filing of the return of service was due to the delay in the processing time. “I had a conversation with a lawyer today. Will be officially withdrawn from the attorney’s end by the beginning of next week,” he stated. “As soon as it is completed, I will make sure that everyone is aware. It will take some time. So to answer your question, the game is ended. To put a bow on it, we just need some paperwork to be completed.”
It’s difficult to see past Armstrong’s checkered past, despite the fact that his rebuttal may have some merit. Armstrong has been the subject of so much disdain over the course of his career for a good reason.
Armstrong has more than 1.44 million subscribers on YouTube as of the time this article was written, and he has more than 883,400 followers on Twitter. When searching for information, crypto novices frequently find him to be one of the first resources they come across. However, as many crypto influencers, including as ZachXBT, Coffeezilla, and Anthony Pompliano have pointed out, Armstrong utilizes his platform to routinely push dubious cryptocurrency projects to his audience, which is typically unaware of these ventures and lacks relevant skills. Armstrong does not lend his name to projects simply because he is a supporter of those projects; rather, he does it for the financial reward.
As part of an exposé conducted by ZachXBT earlier this year, a document that purportedly details Armstrong’s marketing terms was sent throughout the cryptocurrency world. According to the paper, Armstrong charges $35,000 for specialized cryptocurrency project reviews, $20,000 to mention a project during one of his live broadcasts, $40,000 for an interview, $10,000 for a Telegram AMA session, and $2,500 for a text article that is published on his website. The charges that Mengshoel Jr. made in the video were the same ones that generated Armstrong’s legal threats.
Since Armstrong lent his support to many endeavors, those endeavors have stalled out, and some of those ventures include Pamp Network and Kasta. After Armstrong has given a project his stamp of approval, he will regularly delete or unlist videos promoting the initiative in an effort to cover his tracks if the project fails (a video promoting Pamp, an abandoned project Mengshoel Jr. criticized Armstrong for supporting, is nowhere to be seen now that its token has crashed).
In spite of Armstrong’s poor track record, mainstream media outlets have sought out his opinions on Bitcoin, Ethereum, and the broader cryptocurrency market on multiple occasions over the course of the past year. These consultations have been conducted for the purpose of gaining Armstrong’s insights. “Permit me to inquire further about some other names that come to mind. Shiba Inu, do you like that? Dogecoin, Ripple. Charles Payne, an anchor for Fox Business, invited Armstrong on the air on November 1 to discuss the names, and Armstrong obliged. According to Armstrong, “I predict Ripple will be the most explosive coin in the next few months.” [Citation needed] Nine days later, XRP reached its all-time high of $1.32; it is currently trading at roughly $0.33.
BitBoy has threatened legal action.
These were the remarks that Armstrong said to Pompliano in response to the allegations that he misleads the people who listen to him. Armstrong has on multiple occasions refuted the charges that have been made against him and asserted that he is suffering from emotional turmoil. But in December of 2021, he devised a new response, which consisted of threatening individuals with legal action. In the time leading up to his threats against Mengshoel Jr., none of his earlier warnings resulted in legal action. In spite of this, Armstrong considered taking legal action against Twitter for failing to award him the blue checkmark, and he also attempted to organize a class-action lawsuit against Celsius in June, when the fund was experiencing an insolvency crisis.
Given that Armstrong announced (whether truthfully or not) that he was dropping his case against Mengshoel Jr. hours after Cobie sent him $100,000 to fund legal fees, there is a reasonable argument that can be made that Armstrong simply uses litigation as a tactic of intimidation against his critics. However, his technique did not work in this particular situation (spectacularly so).
How much longer does BitBoy have in him?
Although Armstrong has received criticism for his behavior toward Mengshoel Jr., it is highly unlikely that he will endure a significant amount of pain in the near future. Even if many of the industry’s established players may perceive Armstrong as a charlatan, that doesn’t imply that newer crypto fans don’t find him to be an appealing figure to listen to. A quick look at his channel on YouTube reveals that the most recent videos he has uploaded are attracting almost the same number of views as the videos he uploaded during the bull market in 2021.
It is important to take into account the demographics of his viewership as well: even if some of his longtime supporters abandon him as a result of his poor picks, there will always be newcomers to take their place. Nevertheless, at least a portion of Armstrong’s long-time fanbase is beginning to understand. Some viewers called out Armstrong for making poor calls on ADA in the past in a video that was published on August 21 and headlined “Cardano: MILLIONAIRE MAKER (Why ADA WILL Make You RICH in 2023!).” “I recall that you mentioned, ‘this will be the final chance you have to get ADA for less than $1.00’ a year ago. I can still remember what you said. My apologies for not selling it during the fall of last year when it was still worth more than there,” they stated. Another person said that Armstrong’s analysis was “quite similar to the films that were posted around this time last year about XRP making you rich and then the price plunging by 5 times.”
BitBoy Crypto is still the most influential cryptocurrency figure in the world for the time being; however, with each new scandal that arises, Armstrong’s media company is inching closer and closer to experiencing the same demise as the questionable tokens that are featured on his shill list, which is to say that it will cease to exist entirely.