A recent social media post from Kim Kardashian encouraging her followers to “join the Ethereum Max community” serves as a reminder that target audiences for cryptocurrencies are radically different from those financial services leaders are used to serving. Here are a few fascinating facts about how celebrities and social media are important for the growth potential of cryptocurrencies:
- 1 in 5 adults in the U.S. saw or heard about Kim Kardashian’s Instagram post promoting Ethereum Max; 3 in 10 cryptocurrency owners saw it.
- Although celebrity endorsement of a cryptocurrency is important (45% of cryptocurrency owners would be more likely to invest in a celebrity-endorsed cryptocurrency), the opinion of financial advisors is still more important (81% would be more likely to invest in a financial advisor-endorsed cryptocurrency).
- Cryptocurrency owners are more likely to seek out tips on investing from social media and brokage/trading apps than from general investors.