TikTok teaches young people how to handle cryptocurrency

The short video app TikTok has become more popular than Instagram among American youth. The latest youth trend on the social network is finance. Despite the lack of equity in the lion’s share of the millennial generation, they turned out to be more financially literate than the older generation. Thus, in 2021, the #Crypto hashtag on TikTok received about two billion views, and video downloads with the #NFT hashtag increased by a record 93,000%. topics about taxes, savings, and proper budgeting gained 4.4 billion buzzer views.

Recent CNBC surveys have shown that young people aged 18−34 account for 15% of cryptocurrency investments, while the share of older investors is only 11%. The number of elderly people willing to invest in crypto is even smaller — 4%.

The CNBC study also showed that most young people perceive cryptocurrency as a short-term investment, while 21% want to invest in crypto for a year or longer. 15% of young people already have digital assets in their portfolio.

Earlier, we talked about how TikTok has become a platform for numerous cryptocurrency frauds. Recently, a private non-profit organization Better Business Bureau (BBB) published a warning about cryptocurrency fraud on the popular social network. The crypto extortionists first lured money from gullible users with the help of manipulative videos, and then psychologically terrorized their victims and even threatened them with lawsuits. Unfortunately, even those who suspected the scam in time were unable to recover the lost funds.