Beyond the hashtags: social media usage and cryptocurrency investment

Purpose Cryptocurrencies have gained popularity among investors despite their high risk and volatility. Social media wields substantial influence over investors' attitudes, judgments and decisions related to investment. This study aims to investigate the associations between social media usage and cryptocurrency investment behavior. Design/methodology/approach Utilizing the main dataset of the 2021 National Financial Capability Study and its supplementary Investor Survey, this study analyzed social media usage in general. Additionally, it separately examined 11 different social media platforms as potential sources of information for investments. Logistic regressions were performed to explore the relationship between social media, previous experiences and future considerations in investing in cryptocurrencies. Robustness checks were conducted with additional analyses. Findings Investors who used social media for investment information were more likely to invest in cryptocurrencies and consider investing in cryptocurrencies in the future. The likelihood increased with the number of social media platforms used. Different social media platforms exhibited distinct associations with cryptocurrency investment experiences and future considerations. Originality/value This study is one of the initial attempts to examine the role of social media platforms in cryptocurrency investment. The findings offer unique and important theoretical and practical insights for policymakers, researchers and practitioners, which can benefit consumer well-being.