When cryptocurrencies started to take place in the investment market, many new concepts were included in our lives. One of these concepts, "Fomo", is among the terms used frequently in the literature. The abbreviation of fomon, a concept originating from psychology, is “fear of missing out”. It is a feeling that is generally used for social media addicts and is described as the situation most faced by our age. As a word meaning, fomo can be interpreted as the fear of missing a development or being deprived of a situation. That's why people always want to keep their relationships up to date. Since the concept is claimed to contribute positively to mental health, it is accepted as a psychological need. It can be explained as a person's mental attachment to a situation and the feeling of relief from it.
Cryptocurrency and FOMO Relationship
The investor must make a rational decision in crypto money investments. Investors can also shape their investments by acting with the FOMO impulse instead of making rational decisions. In the cryptocurrency market, this situation manifests itself as a fear of missing opportunities. This relationship, which can be called not being aware of the opportunities or not taking advantage of the opportunities that other investors benefit from, sometimes even makes the investor make wrong decisions. For this reason, making decisions with the FOMO effect is dangerous enough to cause extremely risky situations. Underlying untimely investments generally lie emotionally driven decisions.