Category Archives: FOMO

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DeVere Boss Sees Crypto Growth of 5,000% in Global Breakout

Nigel Green, CEO of deVere Group, one of the world’s leading independent financial advisory organizations, has predicted a growth in the crypto market of over 5,000% in the next 10 years.

Green puts this down to an acceleration in the mass adoption of cryptocurrencies over this period which he claims is close to what he describes as a “true global breakout”.

One factor of this new crypto gold rush, Green suggests, is the diminishing status of Bitcoin in the next ten years, which he feels will lose some of its current impetus due to the growth in the rest of the market. He commented:

“However, while I don’t wish to rain on anyone’s parade, I believe that Bitcoin’s influence and dominance of the cryptocurrency sector will drastically reduce in its second decade. This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched – by organizations in both the private and the public sectors. This will increase competition for Bitcoin and dent its market share.”

That said, he feels that in the short-term, FOMO or the fear of missing out will still be a major driver to Bitcoin adoption. On the eve of Bitcoin’s 10th birthday, Green is giving credit where its due, arguing:

“Bitcoin is what kick-started the crypto revolution and it has changed the way the world makes transactions, does business, and manages assets, among other things, forever. It all began with Bitcoin.”

In more a more radical statement about the future of money, whether digital or otherwise, German-Finnish internet entrepreneur Kim Dotcom and Irwin M Stelzer of the non-profit think tank the Hudson Institute are predicting the fall of fiat, but not in a decade, much sooner than that, suggesting:

“The pyramid game is coming to an end… crypto and precious metals will go up when everything else falls. I think it’s going to happen in the next two years.”

Stelzer proposes a scenario where the US dollar could even be on the verge of collapse due to current levels of debt and a multiple trillion-dollar printing program, adding, “If unlimited borrowing, financed by printing money, were a path to prosperity, then Venezuela and Zimbabwe would be top of the growth tables.”

 

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Price Poor Metric to Judge Bitcoin, Says CoinShares

Digital asset management company CoinShare’s chief strategist Meltem Demirors featured on CNBC’s Fast Money on Monday, where she discussed the problematic nature of judging Bitcoin on price alone.

Demirors offered that actual utilization may be a better alternative metric for institutional and retail investors to consider, which she put down as the real struggle right now. Although she said that it is not yet clear when or how Bitcoin may regain its value, the best way to predict this is by determining solid metrics that best fit Bitcoin.

The strategist noted that ”real traction” is imminent but a lot is relying on analysis to find the key metrics that will drive growth.

She compared cryptocurrency with similar innovative enterprises such as Intel, Amazon, and Microsoft in the early days of internet stocks, noting that it took Amazon nine years to recover from its initial price high during the dotcom bubble, Intel 15 years, and Microsoft 17 years.

Such as these early internet stocks, Demirors said that the real traction for Bitcoin will come with time. The late 2017 price run can be put down to “fear of mission out” (FOMO), which caused a similar type of speculative bubble, she said. With that bubble burst, real businesses with real-life use applications are being developed in the space.

As she put it: “New technologies that shift the paradigm take a long time to really understand.”

This goes to what she described as a key issue right now in the lack of a coherent narrative from the cryptocurrency community. With institutional interest in the space growing, Demirors said that this could well be an opportune time for Bitcoin, but it is not being considered a store of value because of the poorly-relayed narrative.

Bitcoin (BTC) currently sits at USD 6,038.18 after struggling this year to make significant gains compared with last years highs of nearly USD 20,000.

 

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Women’s Crypto Interest Has Doubled This Year, Millennials Lead the Way

The number of women showing an interest in investing in cryptocurrencies has gone from 6% to 13% over the last six months, reports City AM.

The report, conducted by cryptocurrency firm London Block Exchange, showed that cryptocurrency is most popular with women in the millennials group. Another survey conducted by Reddit at the end of 2017 indicated that one out of five women had considered investing with a huge 96% of Ether users being males.

Bitcoin News recently reported that figures, released from community-driven Bitcoin statistics and services site Coin Dance, showed that as of May 2018, 94.73% of Bitcoin community engagement and active participation came from men and 5.27% from women.

Although statistics can be unreliable, it does suggest that if the CoinDance figures are correct, then this increase in cryptocurrency interest among women has occurred over a much shorter period, born out by London Block Exchange’s senior business analyst Agnes de Roeyer, who believes women have recently become keener to join the crypto market, explaining:

“There’s still a common misconception that cryptocurrency is a game for men, but we’ve seen hundreds of women sign up for our exchange in the last few months and some of the most inspiring and knowledgeable investors, leading the way in the industry are female.”

The research also investigated the “Fear of Missing Out” phenomenon known as FOMO in crypto circles, suggesting that women are 50% less likely to suffer from the crypto malaise of missing the next big investment opportunity. Women also are less impulsive than men, likely to consult family and friends before making an investment.

It’s not surprising that these figures suggest that it is women in the millennials group who have increased the percentage of women participants in the space, as millennials remain the dominant group worldwide in cryptocurrency investment. A recent survey revealed that this group viewed Bitcoin as more trustworthy than big banks. What exactly the survey meant by “trustworthy” is not elaborated on, but it is suggested that they find the Bitcoin blockchain a more secure option.

 

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Crypto Addicts Can Kick the Habit at New Scottish Unit

A treatment center for people who have developed a cryptocurrency habit has been opened at a hospital on the Scottish borders, according to Sky News.

The West Linton facility at Castle Craig Hospital in Peebleshire, on Scotland’s most southern border with England, is planning to extend its regular operations from running treatment for drug and alcohol addiction to treating investors who have developed an addiction to trading in cryptocurrency.

Experts say the trading of digital currencies or assets such as Bitcoin can become a behavioral addiction, with users glued to coin prices, buying and selling currencies obsessively. The issues that confront gambling addicts are similar. Chris Burn, a gambling therapist at Castle Craig Hospital, explained:

“The high risk, fluctuating cryptocurrency market appeals to the problem gambler… It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains and losses were made. It’s a classic bubble situation.”

Former gambling and cocaine addict, Tony Marini, is now a therapist at the center and will run the additional program. He argues that cryptocurrency trading at its extreme can become an adherent’s way to “escape from themselves into another world”:

“The first stage of treatment is to join other addicts in group therapy and share their life stories. This helps them identify with each other and realize that they’re not alone… Having been through it myself, my experience of addiction gives me insight and empathy towards others who have the same problem.”

Castle Craig Hospital has now launched a cryptocurrency addiction FAQ page on its website answering questions for those that might be concerned about addiction to digital currencies. It explains:

“People who obsessively watch the prices of cryptocurrencies such as Bitcoin can become addicted to the process. The price of these new digital currencies can fluctuate wildly and those who have invested in them can get hooked on watching these minute-by-minute changes as they are reported via the internet.”

The unit’s web page suggests that those who continually talk of the Fear of Missing Out (FOMO) and monitor news and prices constantly are in danger of their life being engulfed by their crypto habit, resulting in them spending their life savings, salaries and even stealing.

 

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