Photo by André François McKenzie on Unsplash

Bitcoin is the word every kid around the block nowadays knows. Everyone has a FOMO in now for bitcoin. Should I buy or sell or hold? Youtube recommendations and google search is skyrocketing for terms related to Bitcoin or crypto in general. But nobody talks about how it’s changing the psychology of our minds and our trading styles.
A massive psychology change is happening right now and we are not even aware of it. Rather, people who are aware of this change are taking advantage of it and duping us(recent pumps and dumps)or helping themselves climb the ladder.
Here are the things that have been happening around nowadays:

1. Bitcoin and FOMO don’t rhyme but they are just as powerful to connect.
Many YouTubers or subreddits are taking advantage of our FOMO and telling us one altcoin(coin other than bitcoin) that we never heard of will go to the moon in 2021 and to support their data they show some charts and a few news articles and voila, we are convinced because we don’t want to miss out the opportunity. We don’t know that they may be right or wrong but we do know that our money is limited.

2. Retail Investors are becoming traders
Everyone seeing 100x or even 1000x gain on a thumbnail of youtube now wants to see profits sooner than ever which leads them to trade instead of invest and many exchanges are taking advantage of that and providing up to or more than 100X margin so that you can trade a lot and give them commissions. Remember leverage is a double-edged sword it will cut you if you don’t be careful. The short race to double our money is costing is more rather than making money. Stick to your plan of investment and cut your risk, I know it’s easier said than done.

3.Mental stress
The cryptocurrency market is open 24/7 which means there is opportunity 24/7 and who wants to miss it right? Due to this FOMO, if you are like me you may be constantly checking the price every 5 min or sleeping late, or even waking the whole night trend to come or recover losses. These things may not seem major but overtime they affect the quality of life. Constantly checking the price means we are not present now with our family or our work and I don’t have to tell you about the ill effects of sleeping less.
Rather than enjoying the everyday pleasures of life profits are becoming the source of pleasure. This is concerning. Life, as we know, is becoming pleasurable when there is profit and frustrating or unfair to us and those around us when there are losses.

In the end, I would like to say my purpose for writing this article was to make you aware of the changes happening around your social media. Fight the FOMO and don’t YOLO your money on someone’s advice, do your research, or don’t invest. Remember money saved is money earned.
PS: I was a trader before but right now I only invest without taking any leverage.