Right now, teens claim they know more about cryptocurrencies compared to other people. Experts claimed social media has a big impact to them.
Right now, various social media platforms play a big role in shaping the mindsets of younger people. These include Facebook, Twitter, Instagram, YouTube, TikTok, and other online applications.
As of the moment, each of them has its own roles when it comes to spreading correct information about the ongoing pandemic, the rising industry of electric cars, politics, and other things that could affect the lives of the younger and older generations.
However, social media’s influence may sometimes cause negative outcomes when it comes to various topics, especially the rising cryptocurrencies. Previously, crypto saw a huge value increase after Elon Musk made various statements about Bitcoin and Dogecoin.
On the other hand, some social media apps, such as TikTok, are currently used to spread advice when it comes to investing in the crypto market. Because of these, many teens claim that they are more knowledgeable when it comes to cryptocurrencies compared to other people.
Experts claimed that social media was able to influence around 45% of teenagers and other younger people to believe they have the right information about digital currencies. Will this lead to a bad thing or will it allow more people to understand how crypto really works? Here are other details you need to check.
Are Teens Really Knowledgeable About Crypto?
According to a new study, which was conducted by Well Fargo, claimed that 45% of teens using social media think they understand how cryptocurrencies work. This is not surprising though since teenagers and other young individuals have a reputation for firmly believing they know way more than their parents.
Traditionally, parents have usually passed on financial knowledge and expertise about money and investing to their children. The survey showed almost two out of three kids, or 57% of those polled, still agree this is the case, although this dynamic is shifting when it comes to cryptocurrency. This just shows how social media platforms can affect their way of thinking.
The survey showed 50% of parents said their teen, who is using online platforms, knew more about bitcoin than they did, while a similar percentage – 45% – of teenagers felt their knowledge of crypto topped that of their parents. The survey also found teen boys were more likely to say they know more than their parents about bitcoin than girls. 58% of boys polled said this was the case, while only 33% of girls surveyed agreed, Wells Fargo said.
Although online platforms can teach you a lot of things, teenagers still need to remember that most of the influencers in these online services also don’t have enough knowledge when it comes to cryptocurrencies. However, there are still some of them that studied business and finance-related courses that decided to become bloggers and vloggers. But, you still need to listen to those who really know how cryptocurrencies or digital currencies work, especially people who are really investing their money in them.