Breitbart is one of the most recognized news outlets in the world. Its orientation is far-right, to say the least, but it has made some interesting decisions as of late. More specifically, the company is now advising its email list subscribers to invest in specific cryptocurrencies. Breitbart’s choice of currencies, however, is subject to a fair amount of debate. It seems the website is purposefully shilling pump-and-dump currencies more than anything else.
Breitbart and Cryptocurrency Advice
While it’s commendable to see “mainstream” media outlets touch upon the concept of cryptocurrency, they often seem to miss the point. More specifically, half of their content either makes no sense whatsoever or is highly inaccurate. Particularly when it comes to investment advice related to cryptocurrency, there is still a ton of work to be done, by the looks of things. Breitbart is a fine example of how not to do things in this regard.
To put this into perspective, Breitbart uses a mailing list to offer cryptocurrency investment advice. Considering that over 600,000 people receive these emails, the advice can make a lot of people rich in the process. That is only possible if and when the investment advice makes sense, of course. Right now, that doesn’t seem to be the case whatsoever. In fact, the company has been shilling some very dubious altcoins which have no significant market capitalization and serve no real purpose either.
According to Motherboard, the coins currently being recommended by Breitbart include unknowns such as AllSafe, AMIS, and other “shitcoins”, as they are known among cryptocurrency enthusiasts. It is evident the choice to recommend these currencies is very unusual, and there is no indication as to why they are being mentioned in the first place. It is not exactly the most solid advice by any means, yet there is some good money to be made with these “penny cryptocurrencies”.
At the same time, investors have to keep in mind that these “shitcoins” present far more of a realistic chance of causing financial losses than gains. The rewards can be pretty significant, assuming one is willing to take huge risks. That being said, not all of these ventures will result in financial gains by any stretch of the imagination. In fact, people may lose money a lot quicker than they earn it, especially when following advice from people who probably bought up cheap coins earlier and plan to dump their supply on the new investors coming in.
It is evident Breitbart is trying to provide a valuable service to its subscribers, but the way the team is going about things leaves a lot to be desired. Promoting coins that no one really cares about for the purpose of filling their own pockets is rather dubious, to say the least. It is also unclear how the team conducts its research in this area, as they seem to be taking a “wet finger approach” more than anything else.
Whether or not we will see more media outlets take this course of action remains to be determined. Novice investors deserve proper advice and shouldn’t be coaxed into buying worthless currencies. This is the same tactic we saw with penny stocks back in the day, which caused major financial losses for a lot of people. It is unclear what Breitbart aims to achieve exactly, but this course of action raises a lot of questions that aren’t easy to answer.