UK Financial Advisors Would Never Recommend Investing In Crypto Or 'Meme Stocks:' Poll

Nearly no UK independent financial advisers (IFAs) would recommend investing in cryptocurrencies or so-called "meme stocks."

What Happened: According to a Wednesday Reuters report, while 95% of UK IFAs would never recommend investing in meme stocks, only 93% would never advise investing in cryptocurrencies.

The poll in question was conducted by a data platform, Opinium, and it involved 200 local advisors.

The poll also revealed that 91% of IFAs would be concerned if a customer admitted to investing in either crypto or meme stocks, with one-third reporting that they noticed an increased interest in cryptocurrencies from clients this year.

Why It Matters: Interest in meme stocks surged only according to 14% of the advisors.

Meme stocks are securities that rise thanks to being shared and recommended on social media among retail traders, as opposed to usual technical and fundamental analysis.

Read also: Meme Stocks Are Back In Demand After Traders Circle Back From Bitcoin

The most famous one is GameStop Corp. GME, which was bought en masse by retail traders motivated by an anti-establishment sentiment as they were trying to force major hedge funds out of business through a short squeeze.