FOMO in Digital Assets

19 Pages Posted: 29 Mar 2021 Last revised: 10 Jun 2022

See all articles by Tatja Karkkainen

Tatja Karkkainen

Ulster University - Business School

Date Written: June 10, 2022


This study examines the Fear of Missing Out (FOMO) sentiment as a motivation for retail investors to own ICOs. In the extant literature, this sentiment is suggested to be a possible factor explaining ICO investing. This study examines this empirically. Using novel OECD survey data on ICO investing in Malaysia, the Philippines and Vietnam, this study finds that FOMO is a motivational driver in ICO ownership. When FOMO is interacted with wealth, their explanatory effect of ICO ownership is high at 25%. Furthermore, the study also finds that ICO investors are also motivated by long-term investing.

Keywords: Initial Coin Offerings, Corporate Finance, Blockchain, Sentiment

JEL Classification: D18, D47, G11, O16, G41

Suggested Citation

Karkkainen, Tatja, FOMO in Digital Assets (June 10, 2022). Available at SSRN: or

Tatja Karkkainen (Contact Author)

Ulster University - Business School ( email )

United Kingdom

Do you have negative results from your research you’d like to share?

Paper statistics

Abstract Views
PlumX Metrics