Young South Korean crypto enthusiasts are reportedly increasingly shunning YouTube – once their favorite resource for crypto investment advice and token-related talk – in favor of TikTok-based crypto content-makers.
Per Chosun, Generation Z investors are increasingly looking to broaden their horizons – sinking their wages from part-time jobs into crypto and stock investments, based on a mix of “economic textbooks and TikTok videos.”
Janet Cho, an IT journalist based in Seoul, told Cryptonews.com that most South Korean people who take to social media platforms for crypto were likely “just horsing around” or “killing time” with apps like TikTok or YouTube, but added,
“Sure, there are some people who try to get some bona fide trading tips from there. But really, there are so many scammers and attention-seekers on there, you have to be very good at sorting the wheat from the chaff if you go on there looking for good advice about how to buy stocks or trade cryptoassets.”
Cho added that she “could only hope” that young people go onto sites like TikTok “armed with plenty of skepticism.”
Cryptonews.com delved into the world of Korean-language crypto TikTok and found a decidedly mixed bag of users, some bragging about the success of their profit-making activities – and a few claiming to be sharing “fraud-free” and “not illegal” ways of getting free tokens such as bitcoin (BTC).
Mixed in among the crypto chaos, though, were a few more level-headed souls who prefaced all of their trading-related videos with disclaimers such as: “Make investments at 100% your own risk.”
Crypto YouTube seems to still be a major draw, however, with many financial, investment and crypto content makers still apparently going strong on the platform.
Chosun reported on the case of a 21-year-old college student, who, upon received his very first part-time job paycheck, promptly invested the lot, stating,
“I decided to invest after watching content that is being posted on TikTok these days. There are a lot of people [like me] who also get their financial and investment information from TikTok.”