When cryptocurrencies started to take a part in the investment market, they added many new concepts to our lives. One of these concepts, “FOMO”, is one of the most frequently used terms in the literature. FOMO, which is a psychological term, stands for “fear of missing out”. In general, the emotion used for social media addicts is very common in our age. Literally, FOMO can be interpreted as missing an event or fear of being deprived of a situation. For this reason, people always want to keep their relationships with the events up to date. The term is accepted as a psychological need because it suggests that it contributes to mental health positively. It can be explained as a person's mental attachment to a situation and the feeling a relief emotion that occur from this attachment.
Cryptocurrency and FOMO Relationship
In cryptocurrency investments, the investor must make a rational decision. Investors can also shape their investments by acting with the FOMO impulse instead of making a rational decision. In the cryptocurrency market, this is manifested as a fear of missing opportunities. This relationship, which can be called not being aware of the opportunities or not benefiting from the opportunities that other investors benefit, sometimes makes its investors to take wrong decisions. For this reason, deciding while affected with FOMO is dangerous enough to cause extremely risky situations. Generally the reason of untimely investments occurs from these emotional decisions.