Bitget's Survey

Bitget's Survey Reveals Some Users Prefer Influencer Videos Over Whitepapers to Make Trading Choices

Press release

Victoria, Seychelles, 31st October 2024 – Bitget, the leading cryptocurrency exchange and Web3 company, has launched a campaign to celebrate Bitcoin's 16th Whitepaper Day, with a scintillating theme “ Who’s Still Reading Whitepapers?”. This initiative seeks to ignite conversations within the crypto community about the current role of whitepapers in blockchain projects and investment decisions. The event is campaigned around the release of Satoshi Nakamoto’s foundational document and offers an opportunity to reconsider how whitepapers are perceived and whether they remain as influential as they once were in guiding investment strategies and project evaluations.

Survey data gathered by Bitget provides insights into the crypto community’s current views on whitepapers. Of the 5,923 participants surveyed, an overwhelming 92.28% stated that they always read a project's whitepaper before trading its token, indicating that technical documentation remains crucial for most users. Furthermore, 99.43% of respondents still consider whitepapers necessary, emphasizing their ongoing relevance in establishing a project's credibility and outlining its foundational principles.

However, the survey also revealed that key opinion leaders (KOLs) play a dominant role in influencing trading decisions. Among participants who do not always read whitepapers, 86.51% rely on KOL recommendations, while only a small percentage turn to research institutions or personal networks. This highlights a growing trend where influencer-driven insights are beginning to compete with whitepaper-based evaluations, reflecting broader shifts in how information is consumed and trusted in the crypto space.

Over the years, whitepapers have been regarded as crucial documents for understanding the technical and strategic intentions of blockchain projects. However, with fast-paced developments in the crypto space, there is growing debate over whether these documents are still a vital tool for investors or if alternative methods of evaluation are taking precedence.

Bitget's research, supported by surveys and consultations with industry insiders, reveals a range of opinions. Some participants continue to view whitepapers as essential for understanding a project's foundation and long-term goals. Others argue that the rise of new evaluation metrics, such as market trends, project performance, and development teams, has reduced the reliance on whitepapers, with real-world applications and use cases taking center stage.

Insights gathered from these discussions indicate a shift in how the crypto community approaches project evaluation. By creating a platform for this discourse, Bitget encourages users and professionals alike to rethink the tools and resources used in assessing blockchain projects today. With Bitcoin Whitepaper Day as the theme, this campaign shows the ongoing changes in the industry, inviting the community to look ahead and consider new approaches to evaluating the industry's most promising innovations.

To learn more about Bitcoin Whitepaper Day, check our tweet here.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For media inquiries, please contact: media@bitget.com

Risk Warning : Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.

2024-10-31

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