“Enthusiasm for crypto from Hollywood celebrities and top athletes reached a fever pitch in 2021. On social media, during interviews and even in music videos, they portrayed virtual currency as a world with its own hip culture and philosophy – one that was more inclusive than traditional finance and that involved the chance to make loads of money…. Unlike clothes or snacks or many other products hawked by celebrities, the crypto market is volatile and rife with scams.”

A University of Chicago research has found that younger, lower-income investors tend to be overly optimistic about crypto’s trajectory.