“I am just so excited right now,” blurts a TikTok user going by the name of CryptoBossAndrew. “Alt-coin season has officially begun. It’s up 40pc in the last hour. Woohoohoo!”
It is the world’s fastest growing social media platform, rocketing in popularity around the world especially among teenagers and twentysomethings.
Now TikTok has discovered financial advice, or so-called “fintok”. Day-traders, cryptocurrency enthusiasts and side-hustlers are trying to make money buying shares and detailing their exploits on the Chinese social video app.
Along with dance videos, memes and daily challenges, videos with titles like “retire a millionaire”, “stocks to buy now” and “one stock that could make you rich” populate a growing niche of TikTok dedicated to money. TikTok, which is overwhelmingly used by 16 to 24 year olds, has more than 800 million users worldwide.
Increasingly, a subset of users are turning to it to share financial advice and share tips.
Even Charli D’Amelio, the 16-year-old behind the world’s most popular TikTok account, has dipped into finance, investing in mobile banking app Steps.
On TikTok, the hashtag “stocktok” has nearly 200 million videos, while “fintok” has 80 million. Videos on fintok typically feature young, aspirational users, offering advice on their favourite shares or more traditional financial tips like investing in tracker funds or putting away pennies each month into savings.
Often, these are accompanied by graphics, charts and popular music and cover popular, surging stocks such as Apple and Tesla. Others provide tips on how to pursue “side-hustles”, making money through buying and selling goods online.
One example is so-called “dropshipping” where users buy a product cheaply overseas and quickly resell it at a markup to buyers in the UK or US.
SaraFinance, one of the most popular financial vloggers on TikTok with 600,000 followers, posts a video such as the simply titled: “Tips that helped me make $132,000 at 18.” The 19-year-old American, real name Sara Rosalia, posts videos that cover a mix of dropshipping, investing tips, real estate and renting and long-term saving. “My first video which blew up, and I immediately knew that there was a huge opportunity,” she says.