31% of new crypto buyers influenced by friends. Here’s why that can be 'a bad idea,' advisor says.

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  • About a third of new crypto investors in 2022 used a friend's suggestion as their primary reason for buying, according to the FINRA Investor Education Foundation and NORC at the University of Chicago.
  • Buying bitcoin, ethereum and other digital assets just on the basis of a friend's recommendation may lead to trouble, experts say.
  • Investors may not understand the risk and volatility of cryptocurrency, or how it fits in a well-diversified investment portfolio.

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