Should Youth Be Induced To Buy Bitcoin By Social Media?

By RFereru | CryptoStory | 31 Aug 2022

Cryptocurrency and social media

Cryptocurrencies are particularly popular topics on social media -- 35% of teens said they have received at least some of their financial education this way. So-called financial influencers, many with more than 100 000 followers, use social media platforms such as TikTok to share the investment strategies and travels of the so-called influencers themselves, sharing their best stock picks, and providing financial education. From celebrities investing in Bitcoin, to the hugely engaged Bitcoin communities on Twitter, TikTok, and Reddit, social media has been feeding Bitcoins popularity. TikToks that are labeled with #bitcoin get 3.6 billion views, while #crypto gets 3.4 billion views.

Financial decisions

Social media may also drive behaviors, according to Utpal Dholakia, a professor of marketing at Rice University who studies consumers financial decisions. While connecting with friends and family is easier, most social media sites appear to be fracturing civil society, creating bubbles of information and entertainment for people with similar interests. It is a big question, and one that really seems very complicated, especially when this is something that is always gaining popularity on social media, and there are a lot of people who would love to participate. More and more younger people are really jumping on board investing, millennials and Gen Z, especially crypto, at a higher rate, and you reported how new surveys are showing us how much of America relies on social media, TikTok, Instagram, Reddit, Facebook, to get their financial and investment tips.

Just as social media has created a new, aspirational mentality that is pushing younger people toward accumulating wealth, it is also feeding into riskier investing decisions, because those recreational investors are seeing a stock tweet going to the moon and jumping aboard. The chance of getting rich fast is what attracts so many young people to crypto markets and to NFTs, says 33-year-old Shane Martz, a crypto influencer known as The Jolly Green Investor on social media. Young people are turning to cryptos such as Bitcoin and Ethereum because it could be a way to earn some extra money fast.

Many prominent bitcoiners got involved in crypto when they were 16 years old or younger, and they have been hooked ever since. Many younger people in particular, having grown up on video games and social media, are wired for instant gratification and quick cycles, says Lana Swartz. Just as having constant stimulation from the social media that is available makes it harder to engage in things such as reading, having a steady supply of new partners reduces the bar to starting new things, making people less likely to persevere in the difficult parts and to build something that will last with their partners. Being attracted to risky, high-reward investments such as Bitcoin makes sense, says Lana Swartz.

Shane Blake is referring to the technology CEOs social media posts where he says that Tesla will not accept Bitcoins as payments anymore because of the large amounts of fossil fuels involved with cryptocurrency transactions. The technology CEO said Bitcoins carbon footprint is similar to that of Argentinas.

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