These are the same people who bought at 20k and sold at the lows. They are the same people who will buy at 50k and sell when it retraces down to 20k. But I wouldn’t knock them too hard though, I even encourage it. For those of us who build our long positions in the bear market, they provide the liquidity at the peak for us to get out of our positions, to sell it back to us later. We need them.
We’re very hopeful about this upcoming generation. FOMO is an older generational thing that affects the stock markets.
When you know the fundamentals and have a currency based on universal math, there is no need to follow others. Open source based on math will always win.
It is surprising it took this long to use universal math as a currency rather than following central bankers. Henry Ford was off by almost a century when he thought the public would revolt if they knew how the banking system worked: (just throw printed paper into the economy and watch everyone fight over it)…
No more. We no have sound currency.
That’s because the majority of people are idiots and are unable to think far into the future.
Ya no ****. So many idiots buy when it spikes and then curse bitcoin when their investment goes to ****. #hodl
Buy high, sell low.
Typical of any investment though.
Right now, I’m just dollar cost averaging into BTC. The only bad thing I’m doing (according to this sub) is using Coinbase 🙂
$50.00 a week, let it ride. It’s not a ton, but it could supplement my 401K.
Most people don’t understand their own psychology, let alone the macro psychology of an entire population. This is why mankind is where it is today, precisely why governments and corporations can get away with the things they do, and entirely why the majority of people will never be rich.
I’m fine with that!
Feels good to buy Bitcoin at $4K I will not be the 95%
Or course they will. People will buy Bitcoin when it is more expensive because it has more value.
Its definitely true, when I was a newbie back in 2014-2015 I didnt buy Bitcoin because I feared it would crash again. Once Bitcoin passed $1200, I started to gain confidence in it, and then when it got past $2000 I realized it was time.
The other thing is, a lot of newbies view $20,000 as a number Bitcoin might never get to again, a lot of people are unaware of the potential that Bitcoin could hit $100k, $250k etc……so until Bitcoin at least passes $20,000 and goes past it, such as $30,000, then people will gain confidence, it will give them verification that Bitcoin is on the rise and blew past the impossible number of $20,000. I know because I was in these peoples shoes a few years ago, I honestly though Bitcoin would never reach $1200 again, but I was a newbie, I didn’t know what a market cap was, I didnt understand the limited supply, the halving, none of it, all I knew was that Bitcoin got to $1200 and came down, and that $1200 number felt so far away, the same way people view $20,000 as a pipe dream now.
It’s not that people want to buy it at 30k it’s that there’s more exposure at 30k…..
Every transaction always need someone on the other side of the table!
The fomo is real.
Wish I had the opposite issue. I bought at $300 and at $3000, but didn’t sell at $18,000 when I easily could have.
This isn’t just FOMO. There is standard psychology behind this – something that is super-valuable is more desired than something that is so-so-valuable.
There is also solid economic reasoning behind this (which is similar to the psychological point): once an asset has achieved a certain value and status, it becomes a regular part of the economic system. It becomes less “weird”. Trust increases. Institutions get in. It acquires the necessary imprimatur.
I mean, they don’t call it FOMO for nothing
Well we who buy low make money on ppl who buy high…whats the problem?
These are the people who don’t understand investments. These are the people who want a guaranteed way to become rich cuz someone else tells them exact what to do… nothing of risk and reward, they just want to be like the Wolf of Wall Street who constantly makes money no matter what they do. Forget the details, just give me the profits
And that’s fine with me because that’s exactly when I’ll be selling!
Then I’ll buy their BTC back when it bombs down to $10k
If I charge more for a premium item it will sell more.
Even if the price is not fair.
It can be shocking to understand but my empirical evidence confirms it.
It makes sense. There was a price study done that basically proved that the best time to buy BTC in terms of risk weighted returns was when it had already moved up 20% because the FOMO effect made profits a relatively sure thing.
Buying at 3k and below is a crap shoot as to whether it recovers at all.Personally, I’m a buyer sub 3k.
Essentially they don’t track the price as closely as we do. Even the mainstream press articles about the price are like a day or two old by which time the price has changed.
This is good for me.
Everybody loves a good FOMO
I’m all for this. People who have been in crypto a while won’t be the ones pushing btc to new ath’s.
Not only Bitcoin, also with stoks, people want certain, and they found it when stocks or crypto is ath. The problem?, Probably you are going to lose money if you buy ath.
insert surprised pikachu. i really needed google data for this
What a shame.
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