FOMO fuels crypto, lifts currency cloud | Hyderabad News
HYDERABAD: Amid raging doubts over cryptocurrency, a survey conducted by city-based academicians has found 53% respondents were keen to appear to be in tune with the investment trend with fear of missing out (FOMO) leading them to bet at least a small amount in the crypto market. However, it was also found that many people fell prey to crypto schemes. In an independent survey conducted by Krishna Reddy Chittedi, assistant professor at economics department, University of Hyderabad, and analyst Ramulu, found that crypto schemes, which promise huge gains through a multi-level marketing model, are a major worrying factor.
Researchers said people invest for a variety of reasons, including the desire to make quick money, with FOMO being the motivator. “Throughout our interactions, we found most felt peer pressure to invest in cryptocurrency, but those without previous exposure are vulnerable to schemes,” Krishna Reddy said. “Many schemes offer a large number of coins in exchange investment as well as for luring more people to that particular scheme. However, the instant mobile apps floating such schemes vanish after s o m e time.
Many ordinary investors have been cheated to the tune of 50,000.” According to the survey, the age group most interested in cryptocurrencies is 30-39 years (27%), while the age group least interested is 50 years and above (2%). Majority users (93%) are between the ages of 20 and 39. Only a small percentage of women (1.5%) have exposure to cryptocurrency. Data from survey results has also revealed that highly qualified (PhD holders – 2.9%) people were not interested in investing in crypto, while the majority had mid-level education ranging from intermediate to a degree qualification. People with engineering and technology backgrounds outnumber those with commerce or finance degrees in crypto investment.
Researchers said people invest for a variety of reasons, including the desire to make quick money, with FOMO being the motivator. “Throughout our interactions, we found most felt peer pressure to invest in cryptocurrency, but those without previous exposure are vulnerable to schemes,” Krishna Reddy said. “Many schemes offer a large number of coins in exchange investment as well as for luring more people to that particular scheme. However, the instant mobile apps floating such schemes vanish after s o m e time.
Many ordinary investors have been cheated to the tune of 50,000.” According to the survey, the age group most interested in cryptocurrencies is 30-39 years (27%), while the age group least interested is 50 years and above (2%). Majority users (93%) are between the ages of 20 and 39. Only a small percentage of women (1.5%) have exposure to cryptocurrency. Data from survey results has also revealed that highly qualified (PhD holders – 2.9%) people were not interested in investing in crypto, while the majority had mid-level education ranging from intermediate to a degree qualification. People with engineering and technology backgrounds outnumber those with commerce or finance degrees in crypto investment.