Korea teachers’ credit union denies crypto investment from their pension funds. They claimed they would never invest in Bitcoin. Never is such as strong word especially in crypto. Refusing crypto also makes a person short-sighted when the price of crypto suddenly reached an all-time high.
Facebook’s FOMO
Facebook planned to have its own cryptocurrency since 2019 through project Calibra. But they kept changing their minds and rebrand to Novi. It does not help them to adopt the crypto trend as stablecoin becomes more and more popular in recent years. Part of their consideration is due to regulations of technology companies mixed with crypto. However, they kept branding themselves to march into crypto-like they never would do. With their recent scandal of profiting people’s data and creating social hazards, their crypto journey will be rough. Crypto communities care less about Facebook.
Tesla’s FOMO
When Elon Musk announced adopting Bitcoin payment earlier in March, people thinks he is a supporter of Bitcoin and crypto communities. Yet he just used the crypto trend to freely promote Tesla. Quickly, crypto start banning Tesla and detached their connection with the company and even Elon himself. Doge becomes detached from the current upward of the crypto market as well since Elon Musk solely supports Dogecoin. Tesla revealed again that they may adopt Bitcoin payment soon but who would care this time.
China’s Ban FOMO
China’s ban is an old story to repetitive each year due to fear of reducing energy supply from the Bitcoin mining powers. It created a dramatically harsh rate cut in April and caused the market to sell off by 50%. Yet, the Bitcoin and crypto market evolved to resist such FOMO in the recent market and China has completely out of crypto communities. Now China has regretted the decision and wanted Bitcoin mining back. It is too late because crypto has banned China.
Billinairs’ FOMO
Ray Dalio was announced he got some Bitcoin in earlier October. Then he announced again he would support Gold when Bitcoin reached an all-time high. Interestingly of the timing, he clearly knew he missed the entire Bitcoin train and he would never buy a low price. Now it is his time to pump gold to match the Bitcoin price.
In conclusion
The Crypto market is mature and becomes more resilient than the stock market. Although there are more challenges ahead, the market has built itself more resilience to head into the future.