Over 30% of TikTok's video content on cryptocurrency investing lacks risk warnings, but is popular among users.
The video content on TikTok that is related to investing in cryptocurrency and does not contain any risk warnings constitutes more than 30% of the total video content. Furthermore, many users seem to be fond of this type of content.
More than one in three people on TikTok, the popular social media platform for younger generations, who use the hashtag #cryptok have been found to share videos that misinterpret investing in Bitcoin and cryptocurrency. Despite its widespread acceptance, some TikTok influencers have been found to share misleading information on the social media platform regarding cryptocurrency investments. They often try to persuade viewers who are not careful with their hard-earned money (or their parents' money) to invest in risky or even scam cryptocurrencies.
Influencers on TikTok who use the hashtag #cryptok were found to have more than one in three videos that were misleading. Moreover, it was found that only one in every ten cryptok accounts or videos had warnings about the risks of investing.
Of all TikTok creators, 47% tried to push the service to generate revenue. Influencers such as Kim Kardashian, Jake Paul, and Soulja Boy have been accused of promoting cryptocurrencies to millions of fans without disclosing that they are being paid.
Research has found that one in three videos that misinterpret Bitcoin on TikTok go even further. Videos on TikTok that use popular cryptocurrency hashtags such as crypto, cryptok, cryptoadvice, cryptocurrency, cryptotrading, and cryptoinvesting have accumulated over 6 billion views.
Viewers often overlook the negative motives of their favorite influencers and blindly trust their content solely based on the number of views or likes. In reality, both novice and experienced investors should conduct detailed research on crypto projects before investing.