To understand what the acronym JOMO means, and why it’s used, we must understand what came before it.
For almost three years, the prices of cryptocurrencies, especially Bitcoin, experienced an extraordinary increase. Bitcoin, the coin that experienced the most drastic increase, and thus can be used symbolically for cryptocurrencies, was hovering around the lower $10,000 price range for some years when it suddenly began to climb all the way to the point where it almost breached $70,000. It was during this period when the acronym FOMO entered the lexicon.
FOMO means the fear of missing out. And in the context of Bitcoin’s price increase, it was understandable why people would be fearful of missing out on the wealth-building opportunity that Bitcoin presented.
However, as with all things, Bitcoin’s price increase eventually reached a summit. And when at the top, there is only one path – down. So Bitcoin’s price began to decrease. It is at this moment that JOMO entered the lexicon.
What Is JOMO?
The acronym JOMO means joy of missing out. And the reason why this acronym arose, as you may imply from the above context, is that the prices of cryptocurrencies have drastically decreased. For instance, Bitcoin almost reached $70,000, but now it is sitting around $20,000. And people are enjoying missing out on all the stress and anxiety that is created when prices fall.
FOMO vs JOMO
FOMO is being fearful of missing out on crypto bull markets or other investment opportunities that end up increasing rapidly in value. JOMO, on the other hand, is being happy and joyful about missing out on crypto investing because investing in cryptos can sometimes be dangerous as the market is volatile and susceptible to crashes.
This is what’s currently at play. For example, after Bitcoin crashed from its high of $69,000 in November 2021, many people stayed outside of the asset, and now these are the people who are JOMO. This is because they stayed out of the market while it crashed, thus saving them lots of money and stress.
How To Turn FOMO Into JOMO?
The acronyms JOMO and FOMO are not restricted to crypto-related domains; they now have entered pop culture’s lexicon. For instance, FOMO will be used to discuss the psychological effect of being fearful of always missing out on things, especially the negative toll it takes on a person in a form of anxiety and stress. Thus, to paraphrase, people say, “why not replace FOMO with JOMO,” referring to the idea that since a person cannot be involved in everything, they might as well discover ways to enjoy things even when certain things are passing them by. In fact, this sentiment has been captured as a meme
More FOMO or JOMO?
Considering Bitcoin’s history, it would not be surprising to see its price rise once again. But this is from an investing lens, and to infer from the Bitcoin creators, Bitcoin was not created in order to be speculated on by investors. It was created to solve specific issues.
Therefore, those interested only in Bitcoin’s price have not fully understood what Bitcoin and the greater cryptocurrency ecosystem are about. Perhaps, then, it is best to move away from both the FOMO and JOMO attitudes and embrace the potential that the crypto ecosystem holds.