More and more influencers giving risky crypto advice

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More and more influencers giving risky crypto advice

You shouldn’t just blindly follow the advice on crypto from all kinds of influencers, also known as finfluencers. So indicates the Netherlands Authority for the Financial Markets in an official warning. Not only does this warning apply to crypto advice, but it applies to all forms of financial advice that influencers give, think for example of the stock market. 

The AFM warning

One of the reasons the AFM has published this warning is because these finfluencers are not at all qualified to give financial advice. In addition, the Netherlands Authority for the Financial Markets concludes that these finfluencers often recommend investments that they themselves profit from. For example, they will often recommend a crypto currency that they themselves own, hoping that many people will buy it and the price will rise.

For newcomers to financial markets, it is very common to listen to advice they can find online, for example on YouTube or Facebook, but nowadays also TikTok. So the AFM indicates that this is not a good choice.

It is better to do your own research so that you get knowledge yourself and can use this knowledge to make good investment decisions yourself. Although it takes longer, it will bring you more positive consequences in the long run.

The AFM also indicates that they will investigate these influencers more closely in the coming period and they also indicate that as of next year they might be punished for their ‘advice’.

We’ll keep an eye on it for you and we’ll let you know as soon as we know anything. Would you like to start trading yourself? This is possible via Huobi, for example. Through this link you can buy your first Bitcoin, or other crypto, within 5 minutes.

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