What is JOMO in Cryptocurrency And How JOMO Can Help You in Investing?

What Is JOMO?

JOMO, the Joy Of Missing Out in crypto, is mainly used by two types of people:

• Non-crypto investors
• Traders who are happy they’ve not participated in a crypto trend

Non-investors usually go through JOMO when a crypto scam is revealed, or the crypto market is going through a crash. They feel a sense of joy because they’ve “missed out” on a bad opportunity (!) and the FOMO around it, which later turned out to be a failure. Learn all about FOMO in crypto.

JOMO Examples

In November 2021, Bitcoin price reached $70K and caused a huge FOMO throughout the crypto market. However, today, on Nov 7 2022, Bitcoin’s price fluctuated around $20K, which created JOMO for people who had sold their Bitcoin when it was at its peak and those who hadn’t invested in BTC at all!

Another infamous example is the Squid Game scam. In late 2021, when everyone was talking about the Squid Game series, the SQUID token was launched, but it finally turned out to be a scam!

Investors couldn’t cash out their tokens on time and couldn’t receive any answers from the token’s support team. People who missed out on this investment “opportunity” and crypto trend experienced JOMO as a result, i.e., they felt good as they didn’t lose money to a scam

JOMO vs FOMO

Below is an infographic of the effects of JOMO vs FOMO.

Is JOMO A Good Thing?

JOMO is a positive mindset since it encourages investors to remain chill and not go with every popping crypto tide. It promotes a sense of stability, and people who get more JOMO than FOMO tend to make better-calculated investment decisions. However, nothing is 100% positive or negative; thus, a downside of JOMO is that it can promote stagnancy. 

How To Promote JOMO?

The key to promoting JOMO is to avoid FOMO in the first place. Here are some tips to promote JOMO in your crypto journey.

• Do your research in times of FOMO.
• Pay attention to details to discern whether the FOMOed project is possibly a scam.
• Avoid making impulsive decisions.
• Write down your investment strategies, make an investment checklist and stick to it.
• Know what triggers your emotions.
• Ask a trader or friend to give you outside opinions about an investment decision, a headline or a trend.

How To Turn FOMO Into JOMO?

The FOMO and JOMO don’t just happen in the crypto world. They’ve made their way to our day-to-day life issues. For example, JOMO can also occur when someone misses out on a bachelor party because of laying in bed with their comfy socks and watching their favourite series! According to Licensed psychologist and founder of the New Connections Counseling Center Sullivan-Windt:

“JOMO is the satisfaction one feels in the current moment, with accompanying acceptance of what one doesn’t have at that moment”.

FOMO is used to discuss the negative effects of always being anxious about missing out on various events. It takes a negative toll on the person’s mentality. This is where the phrase “why not replace FOMO with JOMO” was born.

If you feel like you’re caught up in FOMO and it is influencing your crypto decisions, take a step backwards and reflect on your investment strategy and goals. Ask yourself the following:

• Is Project X really legit, or is it being marketed by FOMO because it’s a potential scam?
• How risky is this investment option?
• Is the project worth the risk, or am I just feeling greedy?
• What would happen if this FOMO turned out to be absurd?

Summary

JOMO stands for joy of missing out and refers to when investors feel a sense of joy because they haven’t engaged in crypto hype. The crypto trend would encourage investors to buy an asset quickly or panic sell their assets. JOMO promotes a sense of stability and encourages making calculated investment decisions and not paying attention to the crypto market hype.

FAQ

Now that we’ve learned about JOMO in crypto, let's review some FAQs about JOMO and JOMO-related phrases.

What Is FOMO And HODL?

FOMO stands for fear of missing out and is the opposite of JOMO. Those caught up in FOMO tend to rush into crypto trends based on their emotions and statements from unreliable resources without proper research.

HODL is a typo of the word hold, which is a very simple and efficient trading strategy. The Misspelling later became a meme and turned into the phrase “hold on for dear life!”. HODLing is especially recommended during bear market times or when the fear and greed index shows fear dominance in the market.

What Is FUD In Crypto?

FUD stands for Fear, Uncertainty, and Doubt and is a pessimistic mindset about the crypto market. Whenever many FUDs occur in the headlines or people’s social posts, the market is potentially going through a state of fear, and investors are considering cashing out their tokens. FUDs can also spread to manipulate a token’s price performance. Learn “What Are FUDs?”.