FOMO = Fear of missing out
Crypto is the latest speculative bubble, IMO. They occur with a certain regularity, and it's always the same thing-- people assign a quickly inflating value to an item that is far beyond its actual worth. The early investors make impressive returns because the rush to invest drives up prices, and their success makes it difficult to point out the flaw in the bubble, because everyone thinks you're just a jealous buzzkill. Eventually it reaches a point where no one can afford to invest, and prices begin to drop, and panic selling starts, and the people who are the most leveraged watch as their massive investment disappears.