One of the world’s most downloaded video sharing apps TikTok is helping the crypto space grow as well. The app recently saw a Bitcoin-related video going viral as the company’s owner launched a new blockchain venture.
Wolf of Bitcoins takes the cake
TikTok personality The Wolf of Bitcoins recently posted a video in which he shows dozens of crypto miners. He added a caption “this is why GPU prices went up,” and tagged numerous crypto tags like “bitcoin mining,” “explain Bitcoin” and “Bitcoin.” The video has received more than 109,000 likes and has 1.2 million views.
On December 14, crypto entrepreneur Thomas Schulz talked about the video on Twitter, calling it the first viral TikTok video about Bitcoin. He said that it is the first time that Bitcoin is on his TikTok feed.
Is TikTok interested in Bitcoin?
The Chinese social media company’s Bitcoin videos are finally becoming viral. However, Bytedance, the app operator, is reportedly working a blockchain venture back home in China. It is working on a joint venture with Dongfang Newspaper, the operator of ThePaper.cn on blockchain technology. The venture was launched on December 10 in Shandong. ByteDance owns a 49% stake in the blockchain venture.
TikTok is a popular video-sharing platform with over 500 million monthly active users. It is the third most-downloaded app in the Apple App Store in the US. The company depends on AI to predict what users will like and serve their content according to their preferences. The company has faced severe criticism because of the way it shows content to the users.
According to Andreessen Horowitz venture partner Connie Chan, the company controls what people see on their platform by using AI. In a 2018 blog post, she said,
“The entire vibe of the platform is largely under TikTok’s control because they, not users, decide which videos to display. Even if a user subscribes to a creator, there is no guarantee that he/she will see all of the creator’s videos.”
Considering the way TikTok delivers content to the users, a Bitcoin video going viral could signal more interest in Bitcoin from users. However, it could also mean that the company wants users to learn about cryptocurrencies and blockchains.