Friends and FOMO pushed newbie investors to buy crypto in 2022

Influence from friends and the fear of missing out (FOMO) were some of the reasons investors bought crypto for the first time in 2022, according to a survey by a United States financial regulator.

Interestingly, the study found that digital asset owners didn’t know as much about cryptocurrencies as they initially thought.

Digital asset investors scored 26.6% on a five-item quiz that asked questions about how a cryptocurrency is issued; transferred into U.S. dollars; how it is taxed; and how transactions may be “susceptible” to fraud.

The 465 participants surveyed on Sept. 9 and 29 were randomly selected from U.S. households. The margin of error was 6.75%. The 2022 survey was part of a follow up survey from 2020.

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