Cryptocurrency 4.0 – Adopting a FOMO State of Mind

Cryptocurrency 4.0 – Adopting a FOMO State of Mind

The well-developed hi-tech ecosystem of Israel constitutes a favourable environment for Cryptocurrency to thrive, driven by the early adoption of a massive stake of its population, Israel's involvement in this industry is developing rapidly. Nir Netzer, Founding Partner at Equitech Group and, Chairman of the Israeli FinTech Association – FinTech-Aviv – shares his thoughts on cryptocurrency in Israel. There are over 10,000 existing Cryptocurrencies with a combined global market cap of about $1.38 trillion USD as of July 2021, and while most have little to no following, there are several coins that have acquired a substantial community of investors. At a value per-token 15.25x higher than its next closest competitor and a market cap of almost $600 billion USD, Bitcoin is the world's first decentralized and most dominant Cryptocurrency. While Bitcoin was initially designed as a medium for daily transactions, it serves today more as a store of value. The extreme volatility of Bitcoin was on full display on April 14th, 2021, when it hit an all-time high at just below $65,000. These record-breaking gains led to a fear-of-missing-out, or FOMO, among day-traders and hedge-fund managers alike, causing a surge in retail investment interest in the Crypto market.