Cryptocurrency Boom: The Rising Popularity of Digital Assets in the US

Cryptocurrency Boom: The Rising Popularity of Digital Assets in the US

The digital currency landscape in the United States has seen a remarkable surge in popularity over the past few years, with cryptocurrencies like Bitcoin, Ethereum, and Dogecoin becoming household names. This phenomenon can be attributed to a variety of factors, including the increasing acceptance of cryptocurrencies by major corporations, the growing interest in decentralized finance (DeFi), and the desire for alternative investment opportunities amidst economic uncertainty.

Recent news on crypto-related topics has further fueled this growing trend. In October 2021, El Salvador became the first country to adopt Bitcoin as legal tender, sparking a wave of interest and speculation in the cryptocurrency market. More recently, in March 2022,

Live Streaming Endorsement Scandal: China's Online Shopping Controversy As the popularity of live streaming endorsement rises in China, a recent report has once again highlighted the issue of consumer dissatisfaction and false advertising. The "2023 Live Streaming Consumer Complaints Analysis Report" released by a collaboration of institutions, including the Consumer Association, the Beijing Sunshine Consumer Big Data Research Institute, and Beijing University of Technology's Department of New Business Economics, reveals an alarming prevalence of disputes regarding products promoted by live streamers in the country. The report analyzed the consumer complaints data of 17 popular live streamers, ranking them according to the proportion of complaints associated with their endorsements. Topping the list is Li Jiaqi, a streaming star known for his massive sales volumes, with a staggering 41% of complaints related to his recommendations. This figure is followed by eccentric streaming personality Yang Chaoyue, who has a 31.30% consumer complaints rate. The complaints range from concerns over product quality, dissatisfaction with after-sales service, to accusations of false promotion. Many consumers have expressed their frustrations on social media platforms such as Weibo, critiquing the lack of regulation in the celebrity-driven live streaming marketing industry. One Weibo user pointedly asks, "Can the authorities manage celebrities doing live stream endorsements?

The talent fee might not be enough to compensate for the time they have to spend promoting products. How can ordinary citizens make a living?" While some users defend specific streamers, highlighting their use of official flagship stores for product promotion and satisfactory after-sales service, others share their own negative experiences. "Being convinced by Li Jiaqi's endorsements, I bought several products only to be disappointed by their poor quality," a user shared. The report also highlights the growing trend of consumers turning away from live streaming shopping, opting instead for direct online purchases or offline retail options. "I rarely watch live streaming shopping anymore. I prefer to buy directly online or offline," stated a Weibo user.

Table 5, presented in the report, shows the breakdown of complaints against various streaming celebrities. Among the top 10, Li Jiaqi and Yang Chaoyue maintain their leading positions in terms of complaints. These figures continue to generate debate across social media, with some users calling for stricter regulation in the industry to protect consumers from fraudulent or misleading practices. In response to the growing concern, the China Consumers' Association has urged live streamers to exercise caution when endorsing products and to ensure they are promoting quality products that meet consumer needs. The association also called upon e-commerce platforms to step up their monitoring mechanisms to prevent misleading and unlawful promotions. This is not the first time consumer complaints over live stream endorsements have made headlines in China. In 2021, the China Consumers' Association released a similar report, revealing that 49% of consumer complaints were related to live streaming endorsements. Despite the public outcry and regulatory warnings, the issue persists, highlighting the need for a more robust and proactive approach to consumer rights protection in the digital age. As China's live streaming market continues to grow, it is crucial for both the government and e-commerce platforms to strengthen consumer protection policies to ensure a fair and transparent shopping experience for all. Only then can the full potential of this rapidly evolving industry be realized without compromising consumer trust and satisfaction.