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Guest Post

Why Social Media Users are Among the Most

Why Social Media Users are Among the Most

Likely Groups to Invest in Crypto

(Source:https://www.pexels.com/photo/person-holding-iphone-showing-social-networks-folder-607812/)

Both social media and cryptocurrency have made astounding advancements since their invention in recent history. It seems as one grows in popularity so does the other, and there is a good reason for this. Social media enables us to get our voice heard by the masses quickly and efficiently. And on platforms where we can speak up about our interests, and share our passions, cryptocurrency has remained a constant hot topic.

Beyond the Hashtags

A recent study by researchers at the University of Georgia, aptly titled, ‘Beyond the Hashtags’ has discovered that half of social media users surveyed have actively invested in cryptocurrency. When this figure is compared to non social media users, of which only 10% had invested in crypto, the difference is striking. The researchers observed a multitude of reasons for why this might be the case. For example, on sites such as YouTube and Reddit, interest in cryptocurrency was much higher than on places like Instagram and Snapchat.

The reasoning behind this comes from the nature of the sites themselves. Social media outlets such as YouTube and Reddit allow for a greater exploration of cryptocurrency due to their very nature. Regarding YouTube, individuals can watch long and engaging videos on various aspects of cryptocurrency and discuss them in the comments. With Reddit, the format enables long conversations and the sharing of experiences.

The Importance of Community

As community is such an essential part of cryptocurrency it makes sense that these specific forms of social media are able to gain the attention of both new and seasoned cryptocurrency users. Take Bitcoin, for example. 

The most popular cryptocurrency has a multitude of benefits for all kinds of users. Those wishing to invest can bet on the volatility of the currency to bring them high returns, alternatively, online casino users can deposit with Bitcoin at online poker sites. All of these incentives naturally lead to conversations and opinions that are shared on social media platforms. These are then read by others, and a spark of interest in the crypto world is lit.

Crypto appeals to people from all walks of life with various interests, and social media provides the necessary platforms to enable them to share their experiences. Not only that, but communities often form around other areas that incorporate crypto, which also furthers the reach, especially when these places are discussed on social media sites. 

For example, online crypto casinos are becoming incredibly popular. When these sites, which already have a large fanbase, begin to incorporate crypto, people are bound to talk about it, and the majority of that discourse occurs on social media.

The Benefits of Cryptocurrency

The benefits of crypto are plain to see, and the cryptocurrency community thrives on speaking on them. The increased security that comes with cryptocurrency using blockchain technology, alongside the global accessibility of the currency, which has a world of benefits for those living in countries with strict banking regulations, are all hot topics on social media sites. With this in mind, it is clear to see how quickly and effectively word about cryptocurrency spreads, and how this directly leads to its adoption by more and more people.

Celebrity Endorsement

Celebrity endorsement on social media platforms has also increased the interest in cryptocurrency itself. Social media users who see not only their friends and family investing in crypto but also their favorite celebrities may begin to experience the fear of missing out (FOMO) and wish to explore the world of crypto for themselves. Additionally, many celebrities, such as Iggy Azalea, have also tried their hand at creating their own currencies and encouraging their fans to support them. 

The Statistics 

The statistics support the idea that the evolution of social media has contributed to the global adoption of cryptocurrency, and will continue to do so. In 2018 the National Financial Capability and Investor Survey reported that only 15% of participants had invested in cryptocurrency. However, as social media discussion has contributed to general public awareness, this figure rose to 28% by 2021. Additionally, where in 2018 less than 20% of individuals surveyed suggested they had considered investing in cryptocurrency, three years later, this figure rose to 33.3%.

The Importance of Seeking Legitimate Information 

It is, however, important to remember that social media should not be the only source of information regarding cryptocurrency. As a platform to spread the word and make the masses aware of the benefits that come with crypto, it does exceptionally well. However, the lack of restrictions on social media sites also makes them susceptible to misinformation, fraud, and scams. Those interested in crypto are advised to ‘graduate’, so to speak, from seeking all their information from social media and instead turning to trusted platforms and educational sites.

The researchers have encouraged those considering using cryptocurrency to think for themselves and not just “follow the crowd” to make their decisions. Social media is an amazing place to learn about crypto but the decision must lie in the individual themselves. Like many things, crypto has risks alongside its benefits and people should consider whether they are comfortable taking those risks. In essence, the researchers suggest they should ask themselves “Is cryptocurrency a good investment for me?” and go from there.

The researchers, although acknowledging the benefits of the crypto social media community, also called for young adults to be protected as they explore the world of cryptocurrency. It is this demographic who are most immersed in the world of social media and who are more likely to see the cryptocurrency discourse in action. It is essential that these individuals also have access to trusted guides and legitimate information before making any decisions regarding crypto

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