The fear of missing out
One of the most powerful emotions that engulfs many traders or investors that leads to unfortunately bad decisions resulting in significant losses. Over the years this has famously led many down the path of falling victim to pyramid schemes and many buying into crypto meme coins at the wrong time.
Especially during periods of economic hardships this behaviour is certainly seen with many individuals. However you may be surprised to know that this also includes major institutions such as hedge funds or even banks. Due to the many recent events that has impacted the economy this has lead to the rise of alternative currencies as the fiat monetary system continues to fail the public. No matter what excuse the corporate media spins the result still the same more government borrowing and more government infrastructure cuts. Yet increased inflation with fewer businesses or less competition resulting in increased product or services pricing.
It is no coincidence this ties in to the rapid increase of investments into cryptocurrencies and is now starting to establish itself as the national currency for countries such as El Salvador. However this has caused a significant impact to the current establishment, the Bank for international settlements the “bank for central banks” very recently announced their backing for central banks to introduce digital currency. Also the federal reserve announced the development of the digital dollar and the Bank of England on Britcoin.
It may certainly appear at first the intentions of the central banks is to upgrade their current systems of financial instruments. However from another perspective it appears they are engulfed in emotional fear of missing out. The success of the cryptocurrencies has certainly triggered action from the central banks to develop as quickly as possible as the commercial banks are planning or are already investing in cryptocurrencies.
Those that historically dismissed crypto have quickly found themselves swallowing a pride pill such as the CEO of JP Morgan now pushed into investing in cryptocurrencies. Many other businesses such as Microsoft are accepting payment in crypto and in the US 36% of small businesses accept crypto according to the HSB survey.
I believe it won’t be long before the majority of the public start using cryptocurrencies as the current economic climate will force it. The central banks and governments are in serious trouble with the mounting debt. People will soon see that the likelihood they will get their pensions is zero as the excuses pile in for a failing monetary system. While those that are the first to invest in crypto will come away as the new tycoons. So I ask are the central banks really going to embrace a decentralised currency or try to hijack the crypto world with another centralised currency so that we keep paying a growing debt?
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