Study: 45% of crypto-investors are guided by the opinion of celebrities in their work.
However, most buyers of digital assets still prefer to rely on the advice of professional financial advisors.
About 45% of cryptocurrency investors are willing to invest in a digital asset if a celebrity recommends it. These are the conclusions of Morning Consultant analysts as part of their research.
The authors of the paper interviewed 2.2 thousand American adults. It turned out that about half of them listen to the opinion of celebrities about digital assets.
The researchers found that cryptocurrency owners prefer to seek investment advice on social networks and brokerage apps. Advice from actual investors, meanwhile, is ignored by many market participants.
Piplsay analysts had already reached similar conclusions. They found that more than a third of investors are guided by Ilon Musk’s tweets.
By the end of September 2021, many Hollywood celebrities have announced to the public their interest in cryptocurrencies. “Celebrity” members of the cryptocurrency community include actress Lindsay Lohan, hip-hop artist Eikon, Kiss band bassist Gene Simmons, rapper Busta Rhymes and actress Reese Witherspoon, among others.
The researchers noted that celebrity posts about cryptocurrencies have a high conversion rate, suggesting that there is a high percentage of crypto-investors among their subscribers.
Morning Consultant analysts also found that advice from professional financial advisors “outperforms” that of celebrities. According to the study, 81% of crypto-investors listen to expert advice.
The influence of celebrities in the cryptocurrency community, among other things, is used by fraudsters to their advantage. For example, about a year ago, a hacker hacked the Twitter accounts of celebrities to get their followers’ cryptocurrencies.