FOMO in Digital Assets

19 Pages Posted: 29 Mar 2021 Last revised: 1 Oct 2021

Date Written: September 30, 2021


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 and Karkkainen, Tatja, FOMO in Digital Assets (September 30, 2021). Available at SSRN: or

University of Glasgow ( email )

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Abstract Views
PlumX Metrics