Cryptocurrencies Study shows FOMO drives crypto krill to Bitcoin whales with up to 81% seeing losses
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In a working paper entitled ‘Crypto trading and Bitcoin prices: evidence from a new database of retail adoption,’ authors Sebastian Doerr, Jon Frost, Raphael Auer, Giulio Cornelli, and Leonardo Gambacorta, built a large dataset of retail investors’ daily use of crypto exchange apps across 95 countries from 2015 to 2022.
Perhaps most telling, they write that “the price of Bitcoin remains the most important factor when we control for global uncertainty or volatility, contradicting explanations based on Bitcoin as a safe haven.
If you said risk appetite, you’re right. Men under 35 are “the most ‘risk-seeking’ segment of the population” and are “more sensitive to changes in the price of Bitcoin than female users and older men.” But hey, this demo may reply, so what? So us young men get into crypto when crypto is doing well… why does it matter? Well, as most older men will be happy to tell them, jumping on bandwagons and buying high is lousy investing. The young bucks are being led like lambs to the slaughter. Or like krill to the whales.
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