Social networks are changing financial markets.
See for yourself: Tesla is like Elon Musk's temple, Bitcoin is a belief in ideal money, crypto communities are straight up sects.
What's really interesting is the role of "prophets" in all of this. These guys, like Musk, just throw out an idea, and the crowd is ready to believe indiscriminately. They are like gurus in their circles who not only predict the future, but also make it, turning any information into a gold mine. The stronger the faith of these "religious" followers, the more valuable the asset becomes, even if there is no real product or benefit behind it.
Social networks can push the price up even without profit, purely on a wave of blind faith.
Companies, in turn, are breaking into social networks, trying to create their own gurus. But you know, not everyone can become the new Musk. In crypto, if they themselves cannot cope, they attract opinion leaders, create false faith in the project.
Moral of the story? The influence of social media on markets will only grow. People tend to believe in the best, and the stronger this belief, the more quasi-religious the markets become.
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