A YouTuber and influencer Carl Runefelt joins Yahoo Finance Live for his thoughts on the crypto market following the FTX crash, his sponsorships of crypto, and transparency within the industry.
RACHELLE AKUFFO: How important was the role of influencers in promoting crypto’s safety and returns? Let’s now examine the responsibility of influencers when it comes down to financial advice.
YouTuber Carl Runefelt is joining us now. Carl, thank you so much for being here. We know that many influencers are feeling pressure right now. If you look at the comments of some of these people, they are looking at the FX collapse and what’s going on with FTT tokens. They’re asking themselves who to trust. If they ask, why should they trust you in this area?
CARL RUNEFELT First of all, I am proud to say that I have not promoted FTX. FTX was a good brand, which is why I do a lot of due diligence. There is the possibility that I might have promoted them, as they seemed legitimate. But I never did. My industry colleagues did, and I didn’t endorse Celsius or these other projects.
It is up to those with a voice on crypto to make sure they only discuss and promote financial sound businesses, such as FTX. It is a massive responsibility.
AKIKO FUJITA Carl, while you didn’t endorse FTX, you did support Bitcoin. You’ve always been a bull. You suggested a $600,000.00 price target for this year. It was your best protection against inflation. Both have not materialized. What do you say to people who trust what you have said? I lost money. Is it your responsibility to pay the bill?
CARL RUNEFELT First, while I have not said $600,000.00 this year, I do believe that Bitcoin will reach $600,000. It’s a fact. This is my opinion. Bitcoin is the best money in the entire world. Bitcoin cannot be declared bankrupt. Bitcoin will never owe anybody any money. You can’t be scammed by Bitcoin. Bitcoin will never harm you. Bitcoin’s price can only fluctuate. This is the only thing Bitcoin can do.
You can become your own bank and sovereign, in addition to all the other amazing benefits that Bitcoin offers. It’s also a [INAUDIBLE] asset. Your Bitcoin is safe and secure. It is literally on the blockchain. It is the safest form of money and wealth storage in the world. That is what I will stand for, that I will live by, that I will continue to say until my death.
I put my money where it is needed. Every day I buy Bitcoin. Every day, I acquire Bitcoin. I use Bitcoin to make my income and don’t ever sell it. It is mine, and I keep most of it. I can tell you that if someone loses their Bitcoin money, it’s me.
The price right now is low so I have seen better days. Although I can tell you that I have been more successful, it is only temporary. All the uncertainty, fear, and doubt we now see, is temporary. It can’t hurt Bitcoin in the long-term, but it can cause some anxiety.
RACHELLE AKUFFO: However, Carl, that is not a guarantee. So, then, what are you going to do to get it to the price that you want? What factors are you focusing on?
CARL RUNEFELT Bitcoin is, in my opinion, the most secure and safest money in the world. If you take a look around the world, you will see that many other forms of money are far less safe than Bitcoin. Banks control money. The government can have a significant influence on money in terms of interest rates and quantitative easing. There are many factors that influence money around the world, or what governments refer to as money. It would be called currency or paper.
There are huge security holes in the current monetary system we use, and I believe that we’re experiencing an increase in inflation. This is not a secret any more, is it? Bitcoin can’t be inflated.
The more Bitcoin becomes valuable, the worse the inflation problem will get and the more monetary problems we are seeing, the greater the value of Bitcoin. It’s my prediction, it’s my conviction and I’m heavily betting on it. As I said, all of my money is in crypto and the majority of it is in Bitcoin.
AKIKO FUJITA Carl, as you all know, the FTX crash has raised many questions about the relationship of celebrities and exchanges they promote. Your point is that you didn’t tie up with FTX. However, you have a tieup with Bybit in Singapore, who have stated they pay commission to people who promote their exchanges and bring in new users. Now, you have launched two tokens on the platform. What is the amount of money you have taken from them? And how does that impact your decision?
CARL RUNEFELT While I have not taken money from them yet, it’s no secret that I am an affiliate with Bybit. You also have BitFleX and Bybit. Binance is another. I am able to promote multiple exchanges. I don’t hide that fact, but I do use them.
AKIKO FUJITA You don’t have to take any commission from users that you bring in.
CARL RUNEFELT No. I meant what I said. It’s an affiliate commission and I’m open to that. It’s an affiliation partnership. Binance is my affiliate partner. However, I have never experienced it with FTX. I will be clear about that. You know that everything is the same. There will always be partnerships. It is not sponsorship. It is a partnership. They don’t pay me directly. It’s an affiliate commission model, and I’m open to that. Yes.
RACHELLE AKUFFO: All right, thank you so much for joining us today. YouTube Carl Runefelt, thank-you so much.