Nearly a third — 31% — of new cryptocurrency investors in 2022 used a friend’s suggestion as their primary reason for buying in, according to a recent joint study published by the Financial Industry Regulatory Authority Investor Education Foundation and NORC at the University of Chicago. Friends’ recommendations were the No. 1 motivating factor for new crypto buyers.

That share compares with 8% of new investors in more traditional assets like stocks and bonds.

The disparity indicates there is “a social element to cryptocurrency investing not evident in equities or bond investing,” according to the study.