Over 30% of TikTok videos on crypto investments are misleadin | Bitcoin Industry
Over 30% of TikTok videos on crypto investments are misleading
TikTok videos tagged with popular crypto-related hashtags — such as crypto, cryptok and cryptoadvice — have cumulatively garnered over 6 billion views.
More than one-third of crypto influencers on TikTok, the go-to social media platform for the younger generation, have posted misleading videos about Bitcoin and other cryptocurrency investments, according to a recent study.
Many people now rely on TikTok as their first source of information rather than going to Google for answers, but the recent study from daapGamble alleges that many influencers are sharing unvetted misinformation about crypto investments, often trying to convince unwary viewers to put their — or their parents’ — hard-earned money into cryptocurrencies that will lose them money.
Many TikTok influencers use the hashtag “cryptok” while posting crypto-related content. DaapGambl analyzed 1,161 such TikTok videos and found that more than one in three were misleading. The research also found that just one out of 10 “cryptok” accounts or videos contained some form of disclaimer that warned users about the risks of investing.
47% of the crypto TikTok creators were found to be trying to make money by pushing services. Meanwhile, mainstream influencers such as Kim Kardashian, Jake Paul and Soulja Boy were also previously accused of promoting cryptocurrencies to their millions of fans without disclosing the payments they had received.
The United States Securities and Exchange Commission forced Kim Kardashian to pay $1.26 million in penalties for promoting EthereumMax (EMAX). While crypto influencers have a smaller reach than their mainstream counterparts, the potential financial risk for unwary investors remains equally high.
The research also found that one in three misleading videos on TikTok mention Bitcoin. Moreover, videos on TikTok sporting popular crypto-related hashtags — such as crypto, cryptok, cryptoadvice, cryptocurrency, cryptotrading and cryptoinvesting — have cumulatively garnered over 6 billion views.
