Today we witness a monumental incident as a change in Elon Musk’s bio in Twitter leads to a massive rally of Bitcoin with a 15% growth. And the fun part? This happened during the middle of the night of the US Session. I wonder why Elon Musk wasn’t asleep?
This is great for Bitcoin, Blockchain & Cryptocurrencies market. But it also makes me think. With so many institutions and corporations buying, with all the growth in the industry, still, a single person can influence the market so much, so fast. Such influences are a good example of how it can be affected both positively and negatively.
Volatility makes crypto markets a great place to profit, to trade. But that’s not what these markets are for. This is a currency, a store of value. I am not saying that it needs to be as stable as gold, but it should not be so easy to influence as well.
Bitcoin is people’s money.
People are emotional.
News influences emotions.
Emotions drive the markets crazy.
So how can Bitcoin evolve as a store of value with a bit more stability? It requires more thinkers, those who can analyze, understand and act, not react.
So is all the institutional buying just not enough yet to bring about that little bit more stability? Or are the institutions which are lead by individuals as reactive as the normal Joe?
I support Bitcoin and Crypto with everything I have and I want the best for the community. I may not be the smartest person in the room, and so I may not be the ideal one to TELL you what is needed out here. But I am curious enough to be the one raising the questions.
Bitcoin is people’s money, it’s people’s bank. So why not we all think it through, understand and find what’s best for everyone?
It’s great that the global community is in a position to turn highly shorted stocks into massive gains and liquidate hedge funds. It’s great that the community is joining hands to shake governments and large institutions. It’s great that something new is being created, a history in the making that was never even dreamed about a decade ago.
While everything looks great, greatness does not come from just rising to the top but comes with setbacks, challenges, and problems to solve. Greatness is proportional to the number of problems we resolve, day in and day out. So while we celebrate Elon Musk’s support, let’s not forget the important questions:
- Why did cryptocurrencies start?
- What do we all expect out of it?
- What is it lacking now?
- How can it be improved?
Yes, a new coin can be forked every day to solve the challenges. But everyone finding a new path every other day isn’t the solution. If the problem is not the technology, but the human mind, I guess the solution lies elsewhere.
External locus of control or internal locus of control?
What are your thoughts?
Co-Author:
Mr. Belkin focuses exclusively on Digital Marketing and Marketing Strategies with extensive experience in Blockchain Marketing and PR. As a professional with a meticulous sense for details, he is well known in major US, European, and Asian regions for his experience and success stories. He is regularly mentioned in crypto news media as one of the top experts in the blockchain space.
He is the CMO of Utopian Capital, an investment firm for blockchain technology, and the Founder of Belkin Marketing, an agency rated in numerous Top 5 and Top 10 lists in the Blockchain/Crypto space year after year. He can be reached at LinkedIn or Telegram.
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