The shift towards favoring cryptocurrency over stocks is being driven by novice investors — 70% of those surveyed have been trading the assets for less than a year, according to Cardify.
Most cryptocurrency investors surveyed wouldn't consider themselves experts on the digital assets, possibly because some of them are new to the game. A majority said that they only have a limited or moderate understanding of cryptocurrency, despite putting money into different coins. "It's a little scary because we've got this whole economic underbelly that's literally built on FOMO [fear of missing out]," said Foucault, adding that Cardify can see an influx of investment in cryptocurrency when there's a spike in social media mentions, such as when Elon Musk hosted NBC's "Saturday Night Live" on May 8.
Generally, financial experts would advise new investors to do their due diligence before jumping into a risky asset. "If you're seeing what's going on and you find it exciting but don't know enough about it to make a decision, continue to educate yourself," said Douglas Boneparth, certified financial planner and president of Bone Fide Wealth in New York. "Don't be discouraged; take it as an opportunity to learn more about it to see if it makes sense to you."
acorns Money not flowing into businesses is an economic disaster in the making.
acorns I know I know we all probably must have heard about Bitcoin but don't know how it works, I tried it in a week ago by a man who recommended me to Randy_Jones32 on Twitter he guides me through and i made a return of $10500 after a week of trading, connect with him
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