The recent saga of Ben Armstrong, formerly known as BitBoy Crypto, has taken the crypto world by storm. From his firing to his arrest, the story has captured the attention and imagination of the crypto community. This article aims to explore why this particular story has resonated so strongly within crypto circles and why it has failed to gain significant traction outside of the industry.
To begin with, it seems that the phrase “there’s no press like bad press” applies perfectly to this situation. Many within the crypto community may secretly hope that Armstrong’s public meltdown will catapult the industry back into the wider media spotlight. After all, any news, even negative, can bring attention and awareness to a particular subject or industry. In this case, the hope may be that Armstrong’s antics will draw attention to the broader crypto space.
Crypto media outlets have traditionally focused on covering the meat of the industry – innovations, launches, partnerships, and regulation. These outlets cater to a niche audience and don’t expect mainstream interest. However, there have been exceptions to this rule, particularly in the case of FTX and its founder Sam Bankman-Fried. The FTX story managed to break through the crypto media bubble and garner attention from mainstream outlets. The coverage went beyond typical crypto scams and spilled over into tabloid-like territory, discussing Bankman-Fried’s personal life.
In contrast, the Armstrong saga has remained largely confined within the crypto media. While there has been significant interest and coverage within the industry, mainstream media outlets have not been as captivated. Only one non-crypto outlet covered the story, and even then, they misspelled “crypto” as “crytpo.” This lack of interest from mainstream media highlights the limited impact and relevance of the Armstrong story outside of the crypto world.
The crypto media’s fascination with the Armstrong saga can be seen as a search for relevance and excitement in what has been a relatively dull market for the past few months. With limited topics to cover, sensational stories like Armstrong’s can provide entertainment and intrigue for crypto enthusiasts. However, it is worth noting that Armstrong’s actions and the attention they garnered do not come close to the likes of major scandals that have made headlines in the past.
Ultimately, the intense interest in Armstrong’s story within crypto media reflects what could be seen as a misguided superiority complex within the industry. While FTX’s story generated significant attention and mindshare in the wider world, the smaller dramas involving crypto YouTubers like Armstrong and their luxurious lifestyles are unlikely to attract the same level of interest. The industry needs more substantial and impactful narratives to regain and maintain its position in the global conversation.
In conclusion, the Ben Armstrong saga has captured the hearts and minds of the crypto community, but it has struggled to gain significant traction outside of the industry. While the story may provide a temporary boost in attention for the crypto space, it is unlikely to create a lasting impact or generate the kind of widespread interest that the industry needs. As the crypto world searches for relevance and excitement, it is crucial to focus on narratives that truly resonate with a broader audience.