As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen the evolution of information consumption patterns play out across various asset classes. The latest findings from CoinGecko regarding crypto users’ preference for social media platforms for news and updates is a testament to the digital nature of this burgeoning industry.
As a researcher delving into the dynamic world of cryptocurrencies, I’ve recently stumbled upon fascinating findings from a survey conducted by CoinGecko. It appears that platforms like X, Telegram, and YouTube serve as the primary hubs where the crypto community keeps abreast of news and updates in our field.
It’s common for cryptocurrency enthusiasts to lean towards social media as their primary news source, with X, YouTube, and Telegram taking the top spots. A recent study by CoinGecko found that these three platforms make up approximately 84% of where crypto investors obtain their information from June 25 to July 8.
According to the survey results, approximately one-third (34%) of respondents primarily rely on X as their go-to source for crypto news, making it the top choice in this field. YouTube comes in second, with around 23.4% of participants relying on it for updates, while Telegram is used by about 16.0% of the respondents.
It appears that our latest poll indicates that the majority of cryptocurrency enthusiasts obtain their news primarily through social media channels such as X, YouTube, and Telegram, instead of traditional news sites.
— CoinGecko (@coingecko) August 22, 2024
Crypto users tend to get updates from social media
As an analyst, I’ve noticed an interesting trend in the world of cryptocurrency discussions: Although platform X is widely used, only about half (41.7%) of its users deem it as their main hub for crypto-related conversations. On the other hand, Telegram and YouTube have shown comparable levels of engagement, with 21.5% and 20.8% of participants, respectively, spending a significant amount of time on these platforms.
As an analyst, I can share that among the participants, approximately 6.8% primarily utilized Crypto Discord, surpassing the 4.5% who predominantly relied on Crypto Reddit. This could be attributed to the fact that both Discord and Reddit are often perceived as secondary social media platforms within the cryptocurrency community.
CoinGecko
The survey, comprising 2,558 participants, indicates that the majority of crypto enthusiasts tend to gather their information from platforms they frequently engage with. A significant number (about 70%) of respondents classified themselves as long-term investors, followed by short-term traders (18%), developers or builders (7%), and spectators who are not actively participating (6%).
Approximately 46% of those surveyed were newcomers to cryptocurrency, having been involved for less than three years, while around 41% had been part of the crypto world for four to seven years. The remaining participants had more than eight years of experience in this field. Most respondents (90%) hailed from Europe, Asia, North America, and Africa, with a small percentage residing in Oceania or South America according to the data provided.
In my analysis as a researcher, I’ve found that key factors fueling the widespread adoption of cryptocurrencies in Europe by 2024, according to Binance Square’s survey, are promises of high returns, decentralization, and innovation. These aspects were emphasized by 20%, 18%, and 17% of respondents respectively. Strikingly, the study also revealed that a significant number of participants, approximately 55%, utilize cryptocurrencies for their daily transactions, while around 10% make weekly crypto payments.
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2024-08-22 16:08