Survey: 45% of crypto owners pay attention to celebrities like Kim Kardashian for investment advice
Younger audiences often dominate the crypto market and regularly check social media to look for financial tips - even if they’re from celebrities
A survey made by the company Morning Consultant involving 2,200 adults in the United States, concluded that 45% of crypto investors would likely dig into a digital asset if it was endorsed by a celebrity or famous personality.
Another interesting data is that, according to the research, crypto owners are more likely to seek out investing tips on social media and brokerage or trading apps than general investors.
The study says that since crypto owners tend to be younger, this specific audience has more record of social media impacting their financial lives.
Kim Kardashian as crypto advisor?
One of the main study cases utilized by the survey was related to the reality star and fashion entrepreneur Kim Kardashian. She posted a recommendation on Instagram, encouraging followers to “join the Ethereum Max community”.
Morning Consultant stated that at least one in five adults reported seeing something related to Kim Kardashian’s crypto Instagram and among crypto owners the share was higher hitting 31% of them.
When it came to conversion, the numbers also were interesting: “19% of respondents who said they heard about the post invested in Ethereum Max as a result”.
A trust-worthy question
Nevertheless, it is good to remember that those numbers involving celebrities’ recommendations do not always mean qualified recognition in the market. In Kim Kardashian’s case, after the entertainment mogul’s crypto “advice”, cryptocurrencies’ trust in general sinked at least 5 points.
Celebrities involved in the crypto universe are no news by now. This week, NFL superstar Tom Brady also vouched for crypto’s growth, saying that he would like to receive part of his payment in coins like Ethereum, Bitcoin or Solana.
NFT projects are also in the aim of famous artists and personalities. A recent announcement stated that the streaming project named Audius was getting $5 million in investments from great artists like Katy Perry, rapper Nas and much more.
Even if those endorsements are sometimes controversial, it is undoubtedly a market-shaker and something to be aware of when you are an investor and crypto owner.
External incentives like these have proven in the past to be the motive to a lot of market changes - even with different scenarios, no need to remember what the Elon Musk’s fuzz with Dogecoin caused to the project, right?
So maybe it is a good idea to follow not only crypto experts but also celebrities on social media. At least you will know what the fuzz is all about.