According to a survey, newcomer investors were motivated to purchase cryptocurrency in 2022 due to the influence of friends and the fear of missing out (FOMO).

This post contains affiliate links, which means we may receive a commission if you click a link and purchase something that we have recommended. While clicking these links won't cost you any extra money, they will help us keep this site up and running! Thank you for your support.

A United States financial regulator's survey revealed that the influence of friends and the fear of missing out (FOMO) were among the factors that motivated investors to make their first cryptocurrency purchases in 2022.

Late in April, the United States Financial Industry Regulatory Authority (FINRA) Investor Education Foundation published a survey that discovered "friend suggestion" was the main driving force behind the decision of a significant portion (31%) of new cryptocurrency investors to enter the crypto market.

FINRA suggests that the fact that only 8% of first-time equity or bond investors cited "friend suggestion" as their primary reason for investment, in comparison to the 31% of new cryptocurrency investors, may indicate "a social element to cryptocurrency investing not evident in equities or bond investing."

The option to start with small investments was the second most common reason for entering the cryptocurrency market, with 24% of respondents citing it as their motivation. This rationale was similar to that of equity and bond investors who also considered the ability to start with small amounts as a factor for their entry into the market.

The survey revealed that roughly 10% of participants were prompted to make their first cryptocurrency purchase due to a fear of missing out (FOMO) on what they perceived as a possibly profitable investment opportunity.

Furthermore, the survey disclosed that 48% of cryptocurrency investors sought information about the digital asset market from friends, family, or colleagues at work. This figure was higher compared to stock investors, of which only 35% used these sources. Social media was the second most commonly used source of information for cryptocurrency investors, with 25% citing it as their main source.

The survey results also indicated that new cryptocurrency investors tended to be younger, with an average age of 37 years old, and less likely to have completed a four-year degree, with only 28.5% of respondents holding such qualifications. In comparison, stock investors had an average age of 43 and were more likely to have a four-year college degree, with 46.3% of participants holding such qualifications.

The study yielded an interesting discovery, revealing that owners of digital assets had a lesser understanding of cryptocurrencies than they had initially believed.

The five-item quiz, which assessed the knowledge of digital asset investors regarding topics such as the process of cryptocurrency issuance, conversion to US dollars, taxation, and susceptibility to fraud, showed that they scored an average of 26.6%.

The survey was conducted between September 9 and September 29 and included 465 participants who were randomly selected from households in the United States. The margin of error for the survey was 6.75%. The 2022 survey was a follow-up to a previous survey conducted in 2020.

Are you ready to enter the world of cryptocurrenices?

Ready to enter the exciting world of cryptocurrency trading? If so, we have great news for you! Our platform has partnered with Binance, one of the world's leading cryptocurrency exchanges, to provide our customers with a fast and secure way to buy and sell digital assets.

As an expert in the cryptocurrency industry, we understand the importance of having access to a reliable trading platform. That's why we have carefully selected Binance, which offers a robust trading engine, high liquidity, and a wide range of cryptocurrencies to choose from.

To get started, simply use our unique link to sign up for a Binance account and start trading today. With our platform, you can stay up-to-date with real-time market data, manage your portfolio, and access advanced trading tools.

Don't miss out on this opportunity to take advantage of the explosive growth potential of the cryptocurrency market.

Join us on Binance today and get 10$ on your account by using our affiliate link.

All Our Social Media:

Pinterest: https://www.pinterest.com/affilicore/

Facebook: https://www.facebook.com/profile.php?id=100089786415062

Instagram: https://www.instagram.com/affilicore/

TikTok: https://www.tiktok.com/@affilicore

Medium: https://medium.com/@affilicoremarket

Vocal Media: https://vocal.media/authors/affili-core

LinkTree: https://linktr.ee/affilicore

Twitter: https://twitter.com/AffiliCoreM

E-mail: [email protected]