Why Social Media Users are Among the Most
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 sitesdeposit with Bitcoin at online poker sites“>
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.trusted platforms and educational sites.“>
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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