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A bill to ban tiktok has been introduced in the US Congress which could have an impact on the incomes of crypto influencers, in view of the fact that the parent company of the company consumes market shares of American companies.
A local panel presented today a new bill that would give the biden administration the authority to ban the tiktok video sharing platform as meta Americans is bleeding instagram and facebook users at the platform.
TikTok could be used to monitor China, said the former head of the FCC.
“We’ve already seen thirty state governments, approximately, ban TikTok from state-owned government devices,” Ajit Pai, former U.S. Federal Communications Commission chairman, told CNBC earlier today.
Fmr. FCC Chairman @AjitPai@davidfaber that there's a "reasonable chance" of TikTok getting banned in the U.S.
"There's growing bipartisan recognition that @tiktok_us is an app that's ultimately subject to control of the Chinese Communist Party, in one form or another." pic.twitter.com/W3InozJaRC
— Squawk on the Street (@SquawkStreet) March 1, 2023
“There’s a growing bipartisan recognition that TikTok is an app that’s ultimately subject to the control of the Chinese government in one form or another.”
TikTok's ban on American users could push them to products such as YouTube "" and Instagram Reels, operated by American companies.
Pai claimed in 2020 that the Chinese telecommunications companies huawei and zte had links with the Chinese Communist Party, warning American carriers not to use their equipment.
Along the same lines as the suspicions regarding tiktok, pai said that wireless equipment manufacturers were legally required to respond to requests from the Chinese secret police. Fcc selling and importing huawei hardware and zte in Nov. 2022.
A ban may also come at a timely time for ByteDance Meta's competitor, whose market share of virtual reality headphones at the centre of his meta-pouring ambitions has recently given way to Pico, a company that ByteDance holds. In the third quarter of 2022, Pico took 15% of the market share of meta reality search headphones. The metaverse arm of Meta, the reality laboratories, recorded a turnover of 17% in the fourth quarter of 2022 while European consumers warmed up to peck.
Meta is also battling declining engagement in its Horizon Worlds metaverse, as weekly user retention fell to 11% in Jan. 2023.
Headwinds are picking up for TikTok influencers following last year's downfall.
Bloomberg columnist Lionel Laurent predicted in June 2022 that social media censorship would follow the market rout of the past year. Following the collapse of TerraUSD and Celsius, crypto influencers’ revenue for new signups dropped more than 90%.
A TikTok U.S. ban could see a further decline in influencers’ user revenue, considering that the U.S. has the highest number of TikTok users at 113 million. In August 2022, the World Economic Forum hinted that Gen Zs are approximately five times more likely to seek financial advice from influencers.
According to the United Kingdom's Financial Conduct Authority, these self-directed investors are more likely to invest in cryptocurrencies due to exaggeration on social platforms like TikTok. The investments are led by influencers who pump crypto projects to investors usually young and greedy for risks who are fed up with the current financial system.
TikTok crypto influencer Dennis Liu in 2021 that the platform presented the highest opportunity for user growth. Another crypto influencer is using cryptowendyo to promote its "moon bag" strategy. The method involves withdrawing money from a project once it has made a profit and transferring the funds to another project.
CryptoWendyO says she was persuaded to join TikTok because of her ability to get a lot of information out quickly. CryptoWendy is a well-known influencer.O in testing the potential of the platform.
