Why do people invest in cryptocurrency?
GOBankingRates recently surveyed 1,037 Americans to learn if they invest in cryptocurrency and what some of their primary goals are for investing in digital currency. Some of their top goals included the ability to diversify portfolios, build savings, make a quick fortune and make money for specific goals like education or travel.
It’s a Social Experience
If you’ve noticed all your friends and family beginning to invest in crypto, you might feel compelled to join in to avoid FOMO and be part of the viral effect.
Tahem Verma, co-founder and CEO of Mesha, said owning crypto is a social experience. Investors get to be part of a community and engage with others around the world.
“When the richest person in the world touts a coin across social media and talks about it on ‘Saturday Night Live’ or people hear of friends who have made 50x, 100x or more getting involved early in a hot altcoin, it draws others into the market,” said Ryan Hansen, head of sales for Mercury Digital Assets. “Like investing in stocks, everyone wants to buy low and sell high and have a story about how they got in early on the next big thing.”