IMHO, most of the recent purchases of Bitcoin are mostly because of FOMO. That's the only explanation I can gather for something that increases in value so rapi

IMHO, most of the recent purchases of Bitcoin are mostly because of FOMO. That's the only explanation I can gather for something that increases in value so rapidly without any underlying change in the fundamentals. Quite a similar phenomenon happened during the dot com bubble too. Because of FOMO, people blindly invested in stocks that proved to be worthless later. So the only similarity I see is irrational investment fueled by FOMO.