Survey: YouTube, blogs and Reddit are where Americans turn for cryptocurrency investing advice
More than 40% of Americans say they believe crypto will overtake traditional banking and currency within 25 years, according to the results.
— Dr. Campbell Harvey, professor of finance at Duke University
AUSTIN, TEXAS, USA, Sept. 20, 2022 /EINPresswire.com/ — Do a Google search to learn more about cryptocurrency, and the abundance of choice is mind-boggling. Coursera courses, countless YouTube videos, podcasts, articles with titles like “Learn to Trade Crypto” and “Crypto: A Beginner’s Guide” and universities offer course options such as Online Blockchain Bootcamp. But how do people know which sources to trust?
Crypto prices have always been volatile, but this summer has been particularly cruel for cryptocurrency markets.
About 40% of Americans say they think cryptocurrencies will overtake traditional money and banks in the next 25 years, and they want to try to take advantage of that by buying when prices are low.
This often causes strong emotions as investors try to time the market to buy or sell at critical times. Take, for example, the surge of Dogecoin in the days leading up to Technoking (and Dogecoin backer) Elon Musk’s appearance on Saturday Night Live last spring. The price rose significantly in the days leading up to its May 8 appearance, then plummeted after Musk made a joke about the piece on the show.
Such buying trends are particularly worrisome considering previous findings from DebtHammer.org that show Americans are borrowing money to fund cryptocurrency investments, using credit cards, personal loans , title loans, and even payday loans, and 28% of respondents said they struggled. to pay their other bills – or even default – due to their investment in crypto.
To learn more about where investors turn for advice on crypto trading, DebtHammer studied how Americans learn about cryptocurrency. We surveyed over 1,500 people, asking them how they collect information about cryptocurrencies. Here are some of the key findings.
Key points to remember
YouTube is #1: Over 42% of survey respondents said they get their cryptocurrency investing advice from YouTube. This means that the quality of advice they receive depends on the credentials of the person making the video. Another 17% get their investment advice from podcasts.
Websites and blogs are #2: 41% regularly read websites and blogs to keep up to date with the latest prices and trends. Reddit accounts for another 27%.
Friends and family are #3: 33% rely on people they know for information and advice on the best cryptocurrencies to buy or sell. About 16% watch television for information, 12% read newspapers and 7% listen to radio broadcasts.
Read the full report at debthammer.org/cryptocurrency-education-survey.
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