August 18th 2023 - Saviours Aren't Going to Save You
Bitcoin puked again and did it in spectacular manner not seen during FTX collapse last November. According to some estimates, more than billion US$ worth of positions were liquidated in matter of hours. And, as it the case with all major catastrophes, human mind tries to find some sense in unfathomable by attributing clear blame to something or someone.
In this particular case, it was the WSJ article claiming that Space X, company owned by Elon Musk, has sold 373 million US$ worth of Bitcoin or, in other words, its entire BTC holdings. Many interpreted this as Musk losing faith in Bitcoin or crypto in general and began to curse his name accusing him of being the sole, or at least the main culprit for the cryptocurrencies price collapse.
Which is quite amusing in light of many in the cryptosphere very recently hailing Musk as their Lord and Saviour, following his explicit promotion of cryptocurrencies, including Dogecoin. And the cult of Musk somehow survived even the more worrisome and spectacular price collapse caused by Tesla’s decision to suspend Bitcoin payments in May 2021, creating a dip almost as spectacular as the collapse caused by Do Kwon’s Terra Luna fiasco one year later. Musk was cursed then just as he cursed now.
But, just as all Musk’s crypto price-crushing moves were forgiven when BTC and other crypto reached all-time-high in Autumn of 2021, it is all but certain that few green candles at the right time would do similar wonders for Musk’s reputation again. And the people who are too lazy do their own research and rely on influencers, self-appointed gurus and media-anointed crypto messiahs are again going to base their investment decisions on what Elon Musk tweeted or stated.
The cycle will repeat, even after Musk inevitably loses his golden touch and ability to move market. Another great crypto saviour is going to take place. And the people who are going to follow him aren’t going to be saved.
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