FOMO and how it relates to cryptocurrency

FOMO and how it relates to cryptocurrency

One of the hot trends of these days is cryptocurrency. People all over the world are busy mining, buying, selling and investing. Cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Famous examples include Bitcoin, Ethereum, Doge coin and XRP. Cryptocurrency was introduced in 2009 with Bitcoin and has since spread all over the world, with one single Bitcoin costing 45,868 US dollars. Cryptocurrency is a safer solution to the cash we have today as it is very difficult to steal from someone and if it is stolen, it becomes easier to identify who stole it.

As a member of gen Z, I often wonder whether the crypto craze is driven by another gen Z characteristic - FOMO. FOMO is an acronym for Fear Of Missing Out and it is a term that has gained popularity in recent years. Perhaps, one of the reasons for the continued rise of cryptocurrency is because people see this rise and think to themselves that they are missing a huge opportunity to make some easy money.

However, some people disagree with this assessment. Our very own Prof. Zvi Wiener (who is a boomer, keep that in mind) had this to say: “I’m sure some people are stupid enough to invest in cryptocurrency because they fear they are missing out, I don’t think that is the real reason crypto took off. Currencies like Bitcoin got popular because it is a great option of payment for illegal dealings. “

“FOMO however, has been a reason for crypto’s virality”, he adds. “Most people who invest in crypto lose money, but they stay silent about it. The few who do manage to make a profit will go on social media and tell everyone about how much money they made and people will only see the winners and think that crypto is a safe investment, while in reality, it’s not.”.

In conclusion, whether it’s because of FOMO or not, crypto is starting to become a more common occurrence in society. We will have to wait and see how it will influence us and it’s hard to predict at the moment whether it’s a passing fad or if it’s here to stay. Only time will tell!

  • FOMO and how it relates to cryptocurrency