DENVER (KDVR) — Colorado is paving the way to become the first state to accept crypto for the payment of state taxes and fees, meaning new research is showing us a first-hand look at how popular the currency is becoming.
Although Bitcoin has been around for a decade now, brand new data from The Penny Hoarder shows two out of three investment app users began investing in cryptocurrency during the pandemic.
In fact, 71% of survey respondents ages 18 to 24 got started in 2020 or 2021.
The research goes on to show over half of respondents — among all age groups surveyed — said they had little to no investing experience prior to using an app.
Another interesting nugget from the survey: in the 18 to 24 age group, 48% say they used TikTok to get investing advice.
“With any kind of financial decisions or education you want to have multiple sources of information,” said Rachel Christian, a senior writer at The Penny Hoarder. “Like Forbes, the Wall Street Journal, things like that. If you have a few influencers on TikTok that give great, well-rounded advice, that’s great to kind of get your feet wet. But before you start putting big money in, make sure you’re getting financial advice from other sources besides TikTok.”
To take a look at the complete survey, click here.