Nearly a third of new crypto investors in 2022 were influenced by friends to start trading, according to a recent study.
A third of new crypto investors in 2022 used a friend’s recommendation as their primary motivation for crypto investing.Nearly a third, or 31% to be precise, of new cryptocurrency investors in 2022 used a friend’s recommendation as their primary motivation for investing, according to a recent study.was published by the Financial Industry Regulatory Authority Investor Education Foundation and the National Opinion Research Center at the University of Chicago.
Crypto recommendations of friends or financial influencers active on social media may more often than not be unreliable. The Securities and Exchange Commission of the U.S. recently penalized celebrities such as Lindsay Lohan and Soulja Boy for undisclosed endorsements of several cryptocurrencies. One of the pitfalls of taking a friend’s advice is that you may be getting a suggestion at the wrong time. It could be when the market is nearing its peak and its growth potential has been saturated.
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