Nearly half of cryptocurrency owners claim that they would race to purchase an altcoin based on one key development.
A survey from data intelligence firm Morning Consult polled 2,200 US adults earlier this month to study the impact of celebrities on crypto investor decisions.
Among crypto owners who participated in the poll, 45% say they would follow a celebrity or influencer’s crypto advice, but 81% still opt for investing tips from their financial advisor.
The result of the study comes after influencer Kim Kardashian promoted the cryptocurrency EthereumMax (EMAX) on her Instagram account.
76% of the crypto holders claim that they would invest in a digital asset if it were endorsed by a family or friend and 53% say they would take advice from a reporter of a business publication.
20% of the respondents say they are aware of Kardashian’s crypto post, but the percentage among crypto owners is higher at 31%.
Of those who saw Kardashian’s Instagram post, 19% invested in EthereumMax, but Morning Consult financial services analyst Charlotte Principato says that this does not translate to celebrity endorsements being effective in the crypto space.
“That doesn’t mean that celebrity endorsements are good for crypto in general – at least not from Kardashian. After being told in the survey that the reality star endorsed Ethereum Max, trust in cryptocurrencies in general dropped roughly five points.
While crypto owners are more likely than the typical investor to turn to celebrities for crypto advice, those that own crypto put more stock into what a traditional financial advisor would recommend.”
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