TikTok’s Crypto Influencers Misinform and Deceive Viewers

    TikTok has emerged as a primary source of information for many young people, but a recent survey by daapGamble reveals that over a third of cryptocurrency influencers on the platform are sharing unverified misinformation about Bitcoin and other cryptocurrency investments. Numerous influencers are promoting crypto investments without properly warning viewers about the risks involved, and many unsuspecting investors are putting their money into cryptocurrencies that are likely to decline in value.

    The study examined 1,161 crypto-related videos on TikTok that used the hashtag “#cryptok”. More than one-third of these videos were found to be misleading, while only one in ten included some form of disclaimer regarding the risks of investing. Furthermore, 47% of crypto influencers were discovered to be promoting services for their personal gain.

    The potential financial danger for uninformed investors is substantial, with one in three misleading TikTok videos mentioning Bitcoin. In addition, videos featuring common crypto-related hashtags, such as #crypto, #cryptoadvice, and #cryptoinvesting, have amassed a total of over 6 billion views. However, viewers often disregard the influencers’ intentions and rely solely on the popularity of their content in terms of views or likes.

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