X and YouTube favored by investors for crypto news, study shows

According to a new survey by CoinGecko, the top platforms where the crypto community gets news and updates are X, Telegram, and YouTube.

Crypto investors tend to turn to social media platforms for their news, with top sources of information including X, YouTube, and Telegram. According to a study conducted by CoinGecko between June 25 and July 8, the three platforms collectively account for 84% of where crypto enthusiasts get their information.

The survey shows that over 34% of respondents primarily trust X for crypto news, making it the leading platform for information in this space. YouTube follows closely behind, with 23.4% of respondents using it as their main source for updates, while Telegram is used by 16.0% of respondents.

Where do people get their crypto news? 📰

Our latest survey reveals that the vast majority of the crypto community consumes news from social media platforms rather than news sites.

While 73.8% of respondents trust X, YouTube or Telegram as their main source of information, only… pic.twitter.com/DnyyCyTMSB

— CoinGecko (@coingecko) August 22, 2024

Crypto users tend to get updates from social media

While X is the most popular platform overall, less than half of its users (41.7%) consider it the primary social media space for crypto discussions. Meanwhile, Telegram and YouTube saw similar levels of engagement, with 21.5% and 20.8% of respondents spending most of their time on these platforms, respectively.

“Crypto Discord was the primary social media platform for 6.8% of respondents, slightly ahead of the 4.5% found mostly on crypto Reddit. This may be because Discord and Reddit are more widely considered complementary social media platforms for the crypto community.”

CoinGecko

The survey, which included 2,558 respondents, reveals that the crypto community prefers to get their news from the platforms they are most active in. Approximately 70% of respondents identified as long-term investors, 18% were short-term traders, 7% were builders, and 6% were spectators on the sidelines.

Approximately 46% of participants were in their first crypto cycle (zero to three years), 41% were in their second cycle (four to seven years), and the rest had more than eight years of experience. The data shows that most participants (90%) were located in Europe, Asia, North America, and Africa, with the rest in Oceania or South America.

As crypto.news previously reported, Binance Square’s early 2024 survey identified high yields, decentralization, and innovation as key factors driving mainstream crypto adoption in Europe, with 20%, 18%, and 17% of respondents highlighting these aspects, respectively. The study also noted that 55% of respondents use crypto for daily purchases, and 10% make weekly crypto payments.