It is one of the terms familiar to everyone interested in cryptocurrencies. It is defined as anxiety about being away from something that everyone is interested in and enjoys, missing the agenda and therefore falling behind. Bitcoin and investment psychology is a situation that seriously affects people's lives, but does not make it felt.
It's the underlying motivation that keeps people refreshing their social media apps or crypto exchange wallets. People now want to check their social media accounts as soon as they wake up, follow the current agenda and be informed about what is being talked about.
They are worried that they will miss something. Someone who has purchased cryptocurrency may find themselves checking its price every few minutes. However, very rarely, major changes in prices occur within a few minutes. But even if this is known, he cannot refrain from controlling it.
Additionally, the reason why so many people invest in cryptocurrencies is FOMO. Everyone thinks they are missing an opportunity when talking about it or investing. According to research, people who have a feeling of FOMO invest more in cryptocurrencies.
One of the best examples of FOMO is the Dogecoin incident. After a tweet by Elon Musk, the price increases, and people who see this get caught up in FOMO and buy more in order not to miss this opportunity, and as a result, an incredible price increase occurs within a few hours. The same may be true for price drops.
Salient features of FOMO include:
• It creates a state of uneasiness.
• It may cause you to have the illusion that some things are done much better than you.
• You may feel like you need to know or do more.
• It causes thoughts about that subject that you cannot get out of your mind.
• You may feel like you are missing out.
