Valentine’s day fever – crypto on the wishlist in 2022

Key Takeaways:

• Crypto market might see considerable inflows on this Valentine’s day.
• The FBI warnes the public about hightened crypto-romance scams.

YEREVAN (CoinChapter.com) – As lovers around the world scrambled through the previous week looking for the ‘perfect’ gift, many started putting crypto on their wishlist. According to a recent survey by fintech startup Self, one out of 25 Americans hoped to get some crypto as a gift this year.

The math would suggest that if their significant others granted their wish, 4% of all Valentine’s gifts could come from crypto exchanges. Moreover, considering the US average estimation of $113.25 per gift for each adult in a relationship, the market inflow could stand at approximately $1.2 billion.

Furthermore, according to the charts, Valentine’s bodes well for crypto and Bitcoin (BTC) in particular. Out of twelve Feb. 14s that the flagship cryptocurrency witnessed, seven brought green candles, regardless of the overall bias at the time.

2022 was no exception. However, the green candle was relatively small and stood at 1% in the New York session.

That said, many traders decided to gift other assets to their favorite crypto-enthusiasts. One of them was the Valentine coin. Cheesy as it sounds, the coin claims to be “the ideal crypto gift.” However, slogans like “engrave your love in the blockchain” don’t add much credibility.

It is based on the Ethereum blockchain and offers to “engrave your message for eternity,” with 3,333 available sales.

Also read: 3 ultra bullish Bitcoin events that could send BTC price to $100K in 2022.

However, all is not well in Waffleville, as scammers come up with “crypto romance” frauds.

Crypto-scammers ruining Valentine’s day?

Several days before the Hallmark holiday, the US Federal Bureau of Investigation (FBI) warned the public on a rising wave of crypto scammers. Moreover, in 2021 San Fransisco alone lost $64 million to romance scams, compared to just over $35 million in 2020.

A romance scam involves creating fake accounts and convincing unsuspecting men and women to transfer funds under the pretext of getting romantic. Praying on the vulnerability of many around St. Valentine’s day, a typical romance scam starts with gaining the trust of the victims.

Once culprits gain their trust, they redirect the victims to a fraudulent platform, citing investment opportunities. The scammers allow the investors to withdraw some profits from the initial trade as a way to prove credibility. However, as the victims invest more money or cryptocurrencies, the culprits take off with the amount.

When the victim is ready to withdraw funds again, the scammers create reasons why this cannot happen. The victim is informed additional taxes or fees need to be paid, or the minimum account balance has not been met to allow a withdrawal

warned the FBI.

Also read: WetSpace – a new crypto-backed isolation escape by Allie Rae.

Nonetheless, after a string of red monthly candles, FBI warnings, and scams, crypto could make it one of the much-anticipated gifts this year.