DEFINITION:
A "Finfluencer" is a social media influencer promoting financial content.
What is a Finfluencer?
A "Finfluencer" is a term derived from the combination of "financial" and "influencer". It refers to influencers who specialize in financial content. They use social media platforms to share information, advice, strategies, and insights about personal finance, investment, saving, debt management, retirement planning, and more.
Just like other types of influencers, Finfluencers may vary widely in terms of their credibility, expertise, and approach. Some may be certified financial professionals while others might be self-taught individuals sharing their personal experiences and success stories.
As with any influencer, it's important for consumers of their content to approach the information with critical thinking, as the financial advice that works for one person might not work for everyone, and there are Finfluencers who may share misleading or inaccurate information.
Finfluencers in Crypto
A "Crypto Finfluencer" is an individual who could provide insights, news, analysis, and advice about different cryptocurrencies, blockchain technology, crypto exchanges, crypto wallets, and broader trends in the crypto market.
Crypto Finfluencers might share strategies for trading or investing in cryptocurrencies, explain how to use different types of crypto technology, or provide commentary on the regulatory environment for cryptocurrencies. They could also engage in discussions about the potential future developments of specific cryptocurrencies or the crypto market as a whole.
Finfluencer Regulations
The United Kingdom's Financial Conduct Authority (FCA) on July 17, 2023, published its proposal for rules on financial promotions circulated on social media.
The FCA has noted a surge in memes from cryptocurrency companies circulating on the internet, many of which it believes fall under the scope of its promotional regulations and the watchdog highlighted that such memes are particularly common within the crypto sector and stressed that all forms of communication could potentially be classified as financial promotions and potentially Crypto Memes could land you in jail.