According to the survey conducted by a United States-based financial regulator, the fear of missing out (FOMO) and friend’s influence are some of the reasons that made investors buy crypto for the first time in 2022, stated Cointelegraph.
Sources revealed that in the reports published in late April by the United States Financial Industry Regulatory Authority (FINRA) Investor Education Foundation, about 31% of the new crypto investors mentioned “friend suggestion” as the basic reason for investing in crypto, added Cointelegraph.
According to the United States Financial Industry Regulatory Authority (FINRA) behind the first-time crypto investors, there is “a social element to cryptocurrency investing not evident in equities or bond investing,” Cointelegraph highlighted. It is expected that the advantage to “start with small amounts,” was another reason for investing in crypto.
Furthermore, about 10% of the respondents commented that the fear of missing out (FOMO) on a “potentially lucrative investment opportunity” made them invest in crypto for the first time, Cointelegraph concluded.
(With insights from Cointelegraph)