Newbies In Crypto, Who Are They? By DailyCoin – Investing.com

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Newbies In Crypto, Who Are They? By DailyCoin – Investing.com

Newbies In Crypto, Who Are They?

Widespread media coverage of and other cryptocurrencies has opened the floodgates, inspiring investors to take a chance to get rich fast through what seems to be an easy investment. The GME stock craze and Elon Musk's backing of Dogecoin have further encouraged retail investors to consider cryptocurrencies as new ways of generating revenue.

Data indicates that Gen Z is more interested in cryptocurrency than other generations. Blockchain is a big lure for young investors, and it's been proven that many investors didn't have any interaction with blockchain before 2021. Newcomers in the blockchain space are not necessarily reckless investors; their adherence to digital technology and their DIY mentality do not make them irresponsible. However, they lack extensive knowledge about a technology that's been around for more than a decade.

Where Do Crypto Newbies Stand?

Volatility in the crypto space is nothing new. However, the fact that one in three cryptocurrency investors know very little about the technology does raise some serious concerns. Only 16.9% of investors fully understand the market and the applications of blockchain. That leaves a lot of space for some blockchain projects to potentially benefit from investors' naivety.

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