Although the major causes of this current depression in the Crypto market would be strange to people who only learn money trading using Cryptocurrencies and the only money they trade are the Crypto coins, but to any Forex trader, this is just another day at work. No, by that, I don’t mean the depression, I mean the major causes of the depression—individuals like Elon Musk and companies like Tesla. Any Forex trader would know anything ranging from bad weather to natural disaster, from uncensored Donald Trump’s statements to war could determine how the Forex market goes at any point in time, so it’d never be a shock if an Elon makes a statement against any money or a Tesla makes a move against any money and then such money ripples in the Forex market; that’s how it always goes. So we pay attention to all these factors before putting our money on any Forex stake. But to talk about how it’s becoming a trend in the Crypto market that individuals and companies can manufacture a major pump or a major dip of a coin or even the whole coins just with one tweet, why is this happening? How did these individuals like Elon Musk and companies like Tesla get to have such influence on the Crypto market?
In March, Elon tweeted that Tesla now accepts Bitcoin (BTC) as a legal tender, and that took BTC from around $35k to around $50k, and in May, Elon tweeted that Tesla can accept BTC no more for some pro-Earth reasons, and that took BTC from around $60k to around the $16k that it is as at the publication of this article. Why is this possible? This is because as Tesla is one of the biggest companies in the world and Elon is one of the richest people in the world, their take on any money counts and could determine the value of any money. If Elon has a bad opinion about a certain currency, millions of people are acting on such opinion straight away. If Tesla says a certain currency means no legal tender to them, millions of people are converting any investment or asset they have in such money to another form, which would all make the money lose some values. This may look uncool to some people and cool to some people, but this is beyond coolness or being uncool, there is more to the digital monies taking over the world of legal tender and an individual monopolizing the digital monies than cool or not cool. I have some conspiracy theory backed up by Albert Pike’s “Three World Wars” to explain how all the digitalizing of the monies to make legal tender globally unitary works. How globalization and the multi-planet for humans are all working in line with the effort to unify the means of exchange (legal tender) to achieve a certain thing a religion talks about so much. It’d all make so much sense beyond gaining and losing money in the Crypto market when you are exposed to this theory.
Olusegun Peters is a businessman, an investor and a scholar. He is the founder of primerinfotech.com and pec-ng.com. He is passionate about contributing his knowledge to impacting as many people as possible one person at a time. Read more about Olusegun Peters here