### A recent study conducted by the FINRA Investor Education Foundation and NORC at the University of Chicago found that one third of new cryptocurrency investors were motivated to invest based on the recommendation of a friend. This comes as no surprise given the significant role of social influence in our daily lives.

However, experts warn against making investment decisions based solely on the recommendations of friends, especially when it comes to volatile assets like cryptocurrencies. Fear of missing out (FOMO) is often the most important social factor that drives people to invest in these digital assets, but it can lead to financial ruin if not tempered with proper research and caution.



Additionally, many investors may not fully comprehend the risks and volatility of cryptocurrencies, as well as how to effectively incorporate them into their financial portfolios. It is important to remember that investing always carries risks, and seeking out professional advice and conducting thorough research is crucial to making informed decisions.



In conclusion, while the influence of friends and social media on investment decisions is understandable, it is important to exercise caution and avoid making rash decisions. Cryptocurrencies can be a valuable addition to a diversified investment portfolio, but investors should always educate themselves and seek professional advice before taking the plunge.

A recent study conducted by the FINRA Investor Education Foundation and NORC at the University of Chicago found that one third of new cryptocurrency investors were motivated to invest based on the recommendation of a friend. This comes as no surprise given the significant role of social influence in our daily lives.

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