According to U.Today, musician Sean Ono Lennon, the younger son of Beatles legend John Lennon, has been a vocal supporter of cryptocurrency. He first mentioned Bitcoin in 2020, during the height of the pandemic, stating that it gave him hope. On August 6, Lennon tweeted about the recent stock market meltdown, which saw a 24% price collapse of Bitcoin and a significant downturn in the stock market. He called on the U.S. government to address the issue, stating that the community deserves some reassurance.

The stock market in the U.S. experienced a sharp decline following a similar situation in Japan, which was largely caused by an interest rate increase by the Bank of Japan. This market crash had a ripple effect, leading to a massive drawdown in Bitcoin and affecting the broader cryptocurrency market.

Earlier this week, Nassim Taleb, the author of the “Black Swan” concept and book, also commented on the Japanese market collapse. Taleb noted that Japan had kept its interest rates close to zero for 33 years, supplemented by quantitative easing measures. He remarked that such strategies come with a price that must eventually be paid. Taleb added that Japan has often been cited by supporters of quantitative easing as an example of where the strategy worked.