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Effects of the Fear of Missing Out About Investing in Cryptocurrency on Consumer Values: The Role of Materialism

  • Polymeros Chrysochou , Brett A.S. Martin and Carolyn Strong
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Advances in Blockchain Research and Cryptocurrency Behaviour
This chapter is in the book Advances in Blockchain Research and Cryptocurrency Behaviour

Abstract

The cryptocurrency market has generated global investor interest. This short communication examines the relationship between the fear of missing out (FoMO) about investing in cryptocurrency and consumer values. Materialism was studied as a moderator, where high-materialism consumers would experience more cryptocurrency FoMO. Based on a sample of 276 UK residents, the results showed that FoMO was positively associated with power and conformity values and negatively associated with self-direction. Materialism and FoMO interacted for self-direction. Results show how consumer FoMO can stimulate the desire for wealth (power), but this may come at a cost to a consumer’s creativity and curiosity (self-direction).

Abstract

The cryptocurrency market has generated global investor interest. This short communication examines the relationship between the fear of missing out (FoMO) about investing in cryptocurrency and consumer values. Materialism was studied as a moderator, where high-materialism consumers would experience more cryptocurrency FoMO. Based on a sample of 276 UK residents, the results showed that FoMO was positively associated with power and conformity values and negatively associated with self-direction. Materialism and FoMO interacted for self-direction. Results show how consumer FoMO can stimulate the desire for wealth (power), but this may come at a cost to a consumer’s creativity and curiosity (self-direction).

Chapters in this book

  1. Frontmatter I
  2. Foreword V
  3. Contents VII
  4. Introduction 1
  5. Consumer Adoption and Behaviour
  6. A Systematic Literature Review Linking Consumer Adoption of Cryptocurrencies to Gender, Personality Traits, and Overconfidence 5
  7. Profiling Cryptocurrency Buyers: Important Antecedents of Adoption and Investment Decisions 31
  8. Crypto Investing: A New Frontier of Gambling and Addiction? 53
  9. Cryptocurrencies and Consumer Behaviour: Insights and Practical Guidance Based on Experimental Conjoint Analysis 67
  10. Navigating Cryptocurrency Knowledge: Unlocking Generation Z Perceptions and Behaviour 89
  11. Consumer Adoption of Cryptocurrency 111
  12. Digital Currency Innovations
  13. Central Bank Digital Currencies 137
  14. Stablecoins in Three Dimensions: Foundations of Value in the Crypto-Economy 157
  15. Blockchain Technology and Governance
  16. Blockchain Bias: Future and Unintended Usage of Blockchain Technology Research Agenda 213
  17. Branding and Resilience
  18. Creating Brand Hive Minds Through Bitcoin and the Blockchain 229
  19. Sustainability and Environmental Impact
  20. Green Crypto: A Bibliometric Analysis of the Sustainability of Cryptocurrency 267
  21. Environmental Impacts of Bitcoin: A Stakeholder Theory Approach 287
  22. Investing in Blockchain
  23. A World Divided: Investors and Gamblers Meet at the Blockchains 313
  24. Effects of the Fear of Missing Out About Investing in Cryptocurrency on Consumer Values: The Role of Materialism 333
  25. Contributors 339
https://doi.org/10.1515/9783110981551-015

Chapters in this book

  1. Frontmatter I
  2. Foreword V
  3. Contents VII
  4. Introduction 1
  5. Consumer Adoption and Behaviour
  6. A Systematic Literature Review Linking Consumer Adoption of Cryptocurrencies to Gender, Personality Traits, and Overconfidence 5
  7. Profiling Cryptocurrency Buyers: Important Antecedents of Adoption and Investment Decisions 31
  8. Crypto Investing: A New Frontier of Gambling and Addiction? 53
  9. Cryptocurrencies and Consumer Behaviour: Insights and Practical Guidance Based on Experimental Conjoint Analysis 67
  10. Navigating Cryptocurrency Knowledge: Unlocking Generation Z Perceptions and Behaviour 89
  11. Consumer Adoption of Cryptocurrency 111
  12. Digital Currency Innovations
  13. Central Bank Digital Currencies 137
  14. Stablecoins in Three Dimensions: Foundations of Value in the Crypto-Economy 157
  15. Blockchain Technology and Governance
  16. Blockchain Bias: Future and Unintended Usage of Blockchain Technology Research Agenda 213
  17. Branding and Resilience
  18. Creating Brand Hive Minds Through Bitcoin and the Blockchain 229
  19. Sustainability and Environmental Impact
  20. Green Crypto: A Bibliometric Analysis of the Sustainability of Cryptocurrency 267
  21. Environmental Impacts of Bitcoin: A Stakeholder Theory Approach 287
  22. Investing in Blockchain
  23. A World Divided: Investors and Gamblers Meet at the Blockchains 313
  24. Effects of the Fear of Missing Out About Investing in Cryptocurrency on Consumer Values: The Role of Materialism 333
  25. Contributors 339
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