University study links social media activity to higher rates of cryptocurrency investments
A new study from the University of Georgia found that social media users are more likely to invest in cryptocurrencies.
the study, published In the International Journal of Bank Marketing, it aims to “investigate the associations between social media use and cryptocurrency investment behavior.”
“Cryptocurrencies have gained popularity among investors despite the high risks and volatility. Social media has a significant influence on investors’ attitudes, judgments and investment decisions.
The study, conducted by researchers Kyung Tae Kim and Lu Fan, claims to be the first of its kind.
“This study is one of the first attempts to examine the role of social media platforms in cryptocurrency investment. The findings provide unique and important theoretical and practical insights for policy makers, researchers and practitioners, which can benefit consumer well-being.”
According to the researchers, the study concluded that social media users are more likely to invest in cryptocurrencies.
“Investors who used social media to obtain investment information were more likely to invest in cryptocurrencies and consider investing in cryptocurrencies in the future. The likelihood increases with the number of social media platforms used. Different social media platforms showed distinct associations with cryptocurrency investment experiences and future considerations.” “
according to Researcher Lu FanMuch of the chatter surrounding cryptocurrencies stems from and echoes social media.
“A lot of people are talking about cryptocurrencies on social media and how popular they are.
There are a lot of celebrities talking about this. People think: “Because my friends and family and celebrities I love are investing in this, maybe I should too.”
Fan also highlights the relationship between young people, social media use, and cryptocurrency investments.
“Our study showed that younger adults are more likely to invest in cryptocurrencies now, and they also make up the majority of social media users.
Therefore, when serving these young people who usually need to gain more financial knowledge through life and age experience, there should be some guidance as well.
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Featured image: Shutterstock/noEnde
