As a seasoned crypto investor with a decade under my belt, I can wholeheartedly attest to the findings of this Kraken survey. My portfolio is a testament to the power of emotional decision-making, driven by the ever-present specters of FOMO and FUD.
According to a recent survey, more than eight out of ten cryptocurrency owners acknowledge that feelings such as fear of missing out (FOMO) and fear, uncertainty, and doubt (FUD) significantly impact their investment choices.
According to a recent survey involving 1,248 cryptocurrency owners, it appears that emotional factors play a substantial role in investment decisions. Roughly 84% of respondents admitted to making investments due to the fear of missing out, while an equally high percentage (81%) were influenced by fear, uncertainty, and doubt, as reported by Kraken.
The report indicates that it appears most investors might be basing their trading decisions on emotions instead of logical strategies, often stemming from misconceptions or insufficient faith in the future prospects of specific cryptocurrencies.
The research indicates that investors often feel compelled to pursue rising prices due to the fear of missing out on possible earnings, with about 60% identifying this as their main worry. On the other hand, just 17% expressed concern about missing price drops that could present opportunities for discounts.
It’s worth noting that about two out of every three cryptocurrency owners have admitted that making decisions based on emotions has led to substantial losses in their total crypto investments.
Kraken
For many investors, social media appears to blur the line between market insights and emotional triggers. Among those who rely on these sources, 85% report setbacks tied to impulsive decisions, the report reads.
Analysis of demographics shows that investors aged between 45 and 60 years old express a sense of having missed out on early cryptocurrency returns, but maintain a hopeful outlook towards future possibilities. Remarkably, about three-quarters (78%) within this age group firmly believe they’ve missed substantial profits, while an almost identical proportion (74%) anticipate more market growth in the future.
Gender differences also surfaced, with male respondents more likely than females to make FOMO-driven decisions and experience regret. For example, 70% of male participants felt they missed out on major gains, compared to 48% of females. Despite setbacks, 68% of respondents remain confident in crypto’s long-term growth, suggesting optimism persists alongside regret, Kraken notes.
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2024-12-05 10:32