A recent study found that many TikTok influencers share misleading videos about Bitcoin and other cryptocurrencies. TikTok is popular with young people, and some influencers are spreading wrong information about crypto investments, trying to get viewers to invest in risky cryptocurrencies.
These influencers use the hashtag “#cryptok” in their videos. The study looked at 1,161 TikTok videos and found that over one-third of them were misleading. Only 1 out of 10 videos had a warning about the risks of investing in cryptocurrencies.
Almost half of TikTok creators were found to be promoting money-making services. Famous influencers like Kim Kardashian, Jake Paul, and Soulja Boy have also been accused of promoting cryptocurrencies without revealing that they were paid to do so.
Many misleading TikTok videos mention Bitcoin, and videos with crypto-related hashtags have received over 6 billion views. People often trust these videos because they have lots of views or likes. It is important for both new and experienced investors to research cryptocurrencies before investing in them.
A $1 billion lawsuit was filed against the crypto exchange Binance, its CEO, and three crypto influencers for promoting unregistered securities. This shows the importance of being careful when it comes to investing in cryptocurrencies.