FOMO Is the Reason Many Millennials Are Dumping Cash into Cryptocurrencies
Millennials are investing enormous sums of money in cryptocurrencies in an attempt to become the next ‘Bitcoin millionaire’. As long as you have an internet connection, a computer and a modicum of technical aptitude, it’s relatively easy to buy and invest in cryptocurrencies and blockchains platforms like Bitcoin, Ethereum, Bitcoin Cash, and Ripple.
However, Kyle, B. Russel, a contributor for Business Insider and believer in value investing, is concerned that many of the millennials who are investing in cryptocurrencies don’t have any understanding of the technical or financial fundamentals.
“These folks have generally started investing in bitcoin in the last few months. Having seen the once-in-a-lifetime returns to early holders in 2017, they want to jump on the train while it's still got track in front of it,” says Russel. “They don't know how the protocol verifies transactions via mining, or how that enables trust in a decentralized network.”
Russel encourages people to investigate cryptocurrencies further and develop a basic understanding of the technology before you try to get-rich-quick. “Ignoring the fear of missing out (FOMO) can be a difficult thing to do, but it will save you money and stress in the long-term,” says Russel.
If you are looking to diversify your investments away from the volatile crypto sphere, Russel recommends that millennials put away 10 percent of their weekly income into low-fee index funds.
Source: Business Insider
Photo: Pexels
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