ASIC Warns Gen Z Crypto Traders as 23% Own Digital Assets Fueled by Social Media Hype
Key Takeaways:Social Media Becomes a Major Driver of Crypto InterestGen Z Crypto Ownership Continues to RiseSpeculation and Trend-Driven TradingRegulator Flags Risks of Influencer-Driven Crypto Advice
According to the ASIC officials, investors could fall into the misinformation trap arising when they depend on a small number of available internet resources. Social media advertising or influencer marketing can create false hope or dismiss any possible risks in the market. The regulator also signified the extent of marketing of crypto among the youth. Almost three-fourths (72%) of Gen Z reported encountering crypto investment advertisements on social media within the last year, and 41% indicated that they had been directly approached offering assistance on crypto investment.
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