What is Joy Missing Out (JOMO)? The following is the explanation

Joy of Missing Out (JOMO) is a concept that emphasizes the joy or satisfaction a person gets from choosing not to engage in certain activities or events, and instead focus on self, relaxation, or things that are considered more meaningful to the individual

What is Joy of Missing Out (JOMO)

Even though at first glance it looks the same, the concept of Joy of Missing Out (JOMO) is in sharp contrast to the Fear of Missing Out (FOMO) phenomenon that we often hear about. If FOMO encourages individuals to feel anxious about missing out on opportunities or experiences, then JOMO, on the other hand, represents a sense of satisfaction from not participating in certain activities or trends. 

In the context of cryptocurrencies, JOMO is often used by individuals who choose not to invest in digital assets or who are often referred to as “no-coiners”. Such people express their relief and happiness at not being involved in the crypto market, especially during periods of market downturn or when fraudulent Initial Coin Offerings ( ICOs ) are exposed.

The fluctuating nature of crypto assets, especially demonstrated by Bitcoin's volatility, underscores the inherent uncertainty in crypto asset prices. As a result, investors who choose not to enter the world of BTC and other cryptocurrencies may experience a phenomenon known as the Joy of Missing Out (JOMO) when prices decline. JOMO encapsulates the sentiment of traders who derive satisfaction from not getting involved in prevailing cryptocurrency trends or resisting the urge to engage in panic selling behavior.

Examples and Illustrations of Joy of Missing Out (JOMO)

The drastic drop in Bitcoin prices is a clear example of this phenomenon. BTC's value plummeted from a peak of $20,089 in December 2017 to just past the $3,000 mark in December 2018 representing a staggering 80% decline. 

Amidst this tumultuous market correction, individuals who refrain from owning Bitcoin assets or wisely divest their holdings before the price decline will likely experience the Joy of Missing Out (JOMO). This sentiment of satisfaction may stem from relief in avoiding potential losses or freedom from the stress associated with monitoring and managing investments amidst volatile market conditions.

In parallel, investors who maintained their Bitcoin holdings after the significant price drop in 2018 may have also felt the Joy of Missing Out (JOMO). These people, commonly referred to as “hawkers” in the cryptocurrency community choose to hold on to their crypto assets rather than give in to panic selling. The manifestation of JOMO in this context can come from various factors. 

First, shareholders may feel relieved or satisfied that they were able to avoid potential losses by not giving in to market pressures and selling their holdings at a loss. Second, the decision to maintain their Bitcoin holdings despite adverse market conditions may have given traders a sense of confidence in the cryptocurrency's long-term prospects, thereby strengthening their confidence in the asset class. Additionally, the realization that cryptocurrency investments carry inherent risks, especially when certain Initial Coin Offerings (ICOs) are revealed to be fraudulent or fraudulent, may strengthen gamblers' complacency in their decision to remain invested in Bitcoin.

Also Read:

What Are Coins?

AI Coin: What It Is and Its Advantages

What Are Tokens?

What is Credit Risk?

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.