Bitcoin is up 131% this year—but don't let crypto FOMO ‘drive you to do something stupid,' says behavioral finance expert
The more popular term for this feeling is FOMO — fear of missing out — and it's a force that, if left unchecked, could seriously jeopardize your portfolio, says Amos Nadler, founder ofWhen it comes to missing out on investments,"It's OK to feel bad," he says."It's better to feel bad than to let FOMO to drive you to do something stupid."
Naturally, that thinking can be very dangerous when dealing with a highly volatile asset. Just ask anyone who recently bought Haliey Welch's Because just about anyone can offer a digital currency online, Nadler says, it's much more difficult for average investors to come up with a reason for owning a particular cryptocurrency other than the hope that it will appreciate."What you have, basically, is price," he says."Price is telling me what to do.