According to UBS, Switzerland’s largest bank, clients are considering various investment options, and there is a hint of a fear of missing out (FOMO) when it relates to cryptocurrency investments. Ralph Hamers, CEO of UBS Group AG, a Swiss-based international investment bank, discussed the bank’s recent profits, expansion in the United States, cryptocurrencies, and other subjects.
Hamers was inquiring what the Swiss bank is doing to provide access to crypto investments for its asset management customers. He stated that UBS clients regularly inquire about crypto assets and that some have experienced FOMO. However, he stated that Bitcoin and other big cryptocurrencies have been exhibiting.
Hamers was also questioned if he had any FOMO over losing out on a few millionaires and billionaires. He emphasized never having FOMO. The UBS CEO also claimed that he had no feelings about anything else, including being a millionaire.
He explained that due to knowing what he wants to achieve, he focuses all his efforts and attention on that. He stated that in his eight years as a CEO, nearly one year at UBS, and seven at ING, he has learned that what is key is what we are recognized for and what we’re doing for our consumers. That is what we must strive to do.
What is FOMO (Fear Of Missing Out)?
FOMO is the emotion or thought that everyone else has more fun, lives better lives, or has greater experiences than you do. It’s frequently worsened by social media platforms like Facebook, Instagram, and others.
Dr. Dan Herman, a marketing specialist, is credited with coining the phrase “fear of missing out.” In a 2004 issue of The Harbus, Harvard student Patrick McGinnis coined the term FOMO.
Social media serves as a platform for boasting; it is a place where objects, activities, and even happiness appear to be in the contest at times. Your perception of “normal” gets distorted, and you appear to be performing worse than your classmates. You may see beautiful photographs of your pals having fun without you, something many may not have been as conscious of in previous generations.
A recent experiment is attempting to discover the social-psychological underpinnings of FOMO or the fear of missing out on what you want to accomplish in life. It’s a first attempt to see whether there are any solutions to prevent or.
For the time being, they advise concentrating less on possible losses of missing out and more on current rewards of what is being done now. Until the ideal answer emerges, take solace in the fact that FOMO diminishes with age.
JOMO (Joy Of Missing Out) is an alternative to FOMO and a social term that describes a fear of being “out of the loop.”
Closing Notes
In July, UBS recommended investors avoid cryptocurrencies and instead focus their portfolio on less hazardous assets. Analysts at UBS cautioned that officials have proven that they can and will impose restrictions on cryptocurrency. The bank’s CEO has advised investors to be careful while investing in cryptocurrencies, claiming that cryptos are only an unproven asset class.
As cryptocurrencies gain more attention from the public, more investors are growing interested in the crypto market while having a challenging time choosing which specific cryptocurrency works for them, considering various life factors. Some of them are convinced of following the trend, and while others find success in doing so, some end up with unfortunate losses.
It is important to keep in mind that the crypto market’s volatility is riskier than other investments, so it is best to always be wary. Avoid trends, avoid FOMO, and stick to your research. If you want to make a bold investment, only invest what you can afford to lose so that you won’t end up in the negatives should it fail.