In the survey, 45% of cryptocurrency owners said they would accept a celebrity or influencer’s crypto advice, while 81% still prefer investment advice from their financial advisor. The study’s findings came after Kim Kardashian endorsed the cryptocurrency EthereumMax (EMAX) on her Instagram account.
76% of cryptocurrency holders say they would buy a crypto currency if it was recommended by a family member or friend, and 53% said they would seek advice from a business magazine reporter. The portion of participants who are knowledgeable of Kardashian’s bitcoin post is 20%, while the percentage of cryptocurrency holders is 31%.
Although 19% of people who viewed Kardashian’s Instagram post bought in EthereumMax, Morning Consult financial services expert Charlotte Principato believes that promotions are not successful in the cryptocurrency sector.
“That is not to say that celebrity endorsements are beneficial for cryptocurrency in principle – at least not really from Kardashian. When it was revealed in the poll that the reality star backed Ethereum Max, confidence in cryptocurrencies as a whole fell by around five points. Although cryptocurrency holders are more inclined than the average investor to seek cryptocurrency advice from celebrities, those who possess cryptocurrency place greater trust in what a conventional financial adviser would suggest.”