According to a poll of 1000 people, 35% of respondents said Elon Musk influences their decision-making. 34% cited Reddit as a source for their cryptocurrency information.
There was some disparity between the age groups, GamblersPick also found. Those belonging to Gen Z had a higher tendency to use Reddit (47%) and Twitter (32%) than other ages.
The Power of Social Media
Elon Musk’s impact on cryptocurrency is well-documented, with the self-described Dogefather frequently taking to Twitter to give his thoughts on the latest cryptocurrency developments.
Reddit’s influence on the financial industry was similarly realised in early-2021 with the GameStop short squeeze. r/CryptoCurrency and r/Bitcoin are the 106th and 107th most subscribed subreddits on the site. They have 3.36m and 3.29m members, respectively.
Aside from these sources, respondents noted the impact of online forums (27%), Twitter (26%), financial news (26%), and YouTube (23%) on their cryptocurrency decisions.
After Musk, Warren Buffet (9%) and Snoop Dogg (7%) made up the top three celebrities influencing respondents.
Social media companies have warmed to cryptocurrency in recent years. Twitter CEO Jack Dorsey remains an avid promoter of bitcoin through both Twitter and his other company Square. Facebook may soon launch its own digital currency.
However, there are some who warn against the dangers of social media’s influence on cryptocurrency decisions – particularly when it comes to scams and fake accounts.
Early bitcoin investor and co-founder of Gemini Cameron Winklevoss previously tweeted about the number of giveaway scams attempting to fool followers through replying to his tweets.
Several UK cyber-crime units and banks have also emphasised the importance of researching cryptocurrency investments. Taking to Twitter, many told individuals to “Stop and Challenge investment deals – especially on social media.”