CryptoQuant founder: The impact of social media on financial markets will continue to increase, with Bitcoin being a typical example

BlockBeats news, on October 5, CryptoQuant founder Ki Young Ju wrote on social media that "since the invention of the Internet, social media has increasingly had a religious impact on the financial market. Elon Musk's Tesla, Nakamoto's Bitcoin and various crypto communities are typical examples. The role of religious' prophets' plays a crucial role in driving up asset prices. Prophets endlessly expand their thinking about the future, often believed to have reached a state of enlightenment, and this perceived enlightenment can lead to blind faith. This belief has led to the formation of religious communities that share the same beliefs. The stronger the faith of followers within the community, the more legitimate this asset is considered, even if it does not bring profits or create social value. This is an astonishing phenomenon. Investors must now pay attention to the impact of social media on investment decisions. When evaluating a listed company or token project, it is necessary to consider whether there is an influential "prophet" on social media and how strong the beliefs of its followers are. Companies are competing to enter social media, attempting to form religious communities filled with blind faith. However, not everyone can become a prophet. Most people have failed to attract followers. Especially in the field of encryption, if internal efforts to expand influence fail, they may hire opinion leaders (KOLs) externally to create false beliefs. Only a very small number of projects have achieved success in this regard. The impact of social media on financial markets will continue to increase. Due to the fact that the community is composed of people, this religious color will also deepen. I believe that understanding the workings of religion will help us understand the future of financial markets