HomeUncategorizedFriends and FOMO pushed newbie investors to buy crypto in 2022 — Survey By Cointelegraph

Friends and FOMO pushed newbie investors to buy crypto in 2022 — Survey By Cointelegraph

May 1, 2023

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Influence from friends and the fear of missing out (FOMO) were some of the reasons investors bought crypto for the first time in 2022, according to a survey by a United States financial regulator.

Published by the United States Financial Industry Regulatory Authority (FINRA) Investor Education Foundation in late April, the survey found that a large portion (31%) of new cryptocurrency investors cited “friend suggestion” as the primary reason for their foray into crypto.

Friends are having a significant influence on crypto newbies entering the market. Source: FINRA
Many crypto newbies are learning about the crypto market from social media. Source: FINRA