A survey by the authority showed that 31% invested in cryptocurrencies for the first time in 2022 due to the influence of their friends.
In contrast, only 8% invest in stocks or bonds influenced by their friends, which may indicate that there is a social component to investing in cryptocurrencies that is not evident in investing in stocks or in bonds.
The ability to invest in small amounts was the second biggest reason for getting involved in the cryptocurrency market, at 24%.
About 10% of respondents cited fear of missing out or “FOMO” as the reason they bought cryptocurrencies in the first place.
More seriously, 48% of cryptocurrency investors got information about the digital asset market from friends, family or colleagues, followed by social media with 25%, according to the survey.
New cryptocurrency investors were on average younger (37 years old) and less college educated, compared to equity investors, who were on average 43 years old.
In this regard, CoinMENA co-founder Talal Tabaa told Sky News Arabia:
Our friends and family influence our investment decisions. A person makes the investment decision based on his ability and risk tolerance and knowing his goals from that investment. Investing in digital currencies is easy compared to investing in bonds. In digital currencies, you can invest an amount of $50, which means the risk is low. From my personal experience, I would say that investing in cryptocurrencies will be beneficial in the long run.
Read the Latest World News Today on The Eastern Herald.
