Why the euphoria when a public figure mentions Bitcoin

[examplens]

Why does the crypto community seem so pliable and immediately start glorifying public figures, only if he mentions Bitcoin or cryptocurrencies?
One of the most respected examples, Elon Musk, gave public support to Dogecoin, and the final impression was that he only manipulated, made additional income and possibly promoted his brands.
We have had a slight euphoria about Trump for some time now. I don't want to go into how much weight his words have, but it is remarkable how much the crypto community interprets everything he says, and various discussions about what he will do regarding crypto in the future. Meme coins with his image and name are being created, I even saw signatures in support of Trump on the Bitcointalk forum. I will not even talk about spam on social networks.
Isn't that quite an exaggeration?
Why is the crypto community so susceptible to manipulation?

[robelneo]

Why is the crypto community so susceptible to manipulation?

I am unbothered by these public figures. Bitcoin at this point in time didn't need public figures, maybe ten years ago, but not now; its actually the other way around.

They are the ones who need Bitcoin, The market is susceptible to manipulation because investors are swayed by the expectation of profit, FOMO and fear of losing because of whales selling out, so many investors still have second thought on the future of Bitcoin and to Cryptocurrency as a whole.

[target]

Its just social media. No.one really jumping out of joy for it like it meant the world. Social media influencers and holders just magnify the hype because there is a reason to do it.

When there is a hack or distribution of BTC from Mt.gox or FTX the fuds are also rising to spread the fear for same reason which is profit. Users participate for it.

[TomPluz]

Why is the crypto community so susceptible to manipulation?

Probably because the cryptocurrency community is made of the same people who are normal and generally speaking can easily be swayed by opinions of others...just like most people are. We are already living in a very interconnected world where what one person is saying in USA can have some effects on some people in Nigeria...and it is all because of the internet and communication infrastructure we are using. And cryptocurrency is not really immune to this reality...in fact I would say that cryptocurrency is actually getting some part of its power with that situation. The cryptocurrency can never live in a bubble completely oblivious with things happening in the world...many of the things happening right now can affect cryptocurrency in one way or another. So maybe instead of viewing this reality as a negative one, there is nothing we can do but embrace it with some pinch of salt.

[LogitechMouse]

~
We have had a slight euphoria about Trump for some time now. I don't want to go into how much weight his words have, but it is remarkable how much the crypto community interprets everything he says, and various discussions about what he will do regarding crypto in the future. Meme coins with his image and name are being created, I even saw signatures in support of Trump on the Bitcointalk forum. I will not even talk about spam on social networks.
Isn't that quite an exaggeration?
Why is the crypto community so susceptible to manipulation?

It's hard to give a specific reason for that because like you, I don't also know what's the main reason for it, but what I believe is that, people see these kind of things as a positive one hence, the sentiment around the market changes and many people will buy coins. It's our nature I guess that's why many investors are making decisions if they see a popular one talking about cryptocurrency.

What I always believe is that, sentiment is a huge factor towards the price of a specific asset. If majority of the investor sees it as a positive one, they will buy thus, increasing it's price and vice-versa. I don't know what's the exact reason, but what I would like to say is that, investors must be intelligent enough to not make their decisions just because a popular person is talking about crypto.

I remembered the time in 2017 where McAfee is that popular in social media that he's promoting new projects for his own good. Sorry for my word, but that's how dumb people is at that time, and many lost their money because of that.

[Baofeng]

Why is the crypto community so susceptible to manipulation?

Probably because the cryptocurrency community is made of the same people who are normal and generally speaking can easily be swayed by opinions of others...just like most people are. We are already living in a very interconnected world where what one person is saying in USA can have some effects on some people in Nigeria...and it is all because of the internet and communication infrastructure we are using. And cryptocurrency is not really immune to this reality...in fact I would say that cryptocurrency is actually getting some part of its power with that situation. The cryptocurrency can never live in a bubble completely oblivious with things happening in the world...many of the things happening right now can affect cryptocurrency in one way or another. So maybe instead of viewing this reality as a negative one, there is nothing we can do but embrace it with some pinch of salt.

It's not new though, there are others assets in the past that people goes crazy when they see the someone invest on their company or a certain assets. Th thing though with crypto is that it is open to anyone, as compare to stocks wherein there is this idea that only the rich people can invest.

And this market is full of so called influencer, you guys remember John McAfee? (RIP), he was a good poster boy for crypto back then. Now we have Michael Saylor and Elon Musk and then the future President of the USA. So I guess this will continue, the community will have to find famous individuals to join the cause.

[ABCbits]

Isn't that quite an exaggeration?
Why is the crypto community so susceptible to manipulation?

Because some people only care about short-term profit and ignore "Don't Trust, Verify" motto. Public figure supporting certain coin usually have impact on the coin, at least on the short-term.

[examplens]

And this market is full of so called influencer, you guys remember John McAfee? (RIP), he was a good poster boy for crypto back then. Now we have Michael Saylor and Elon Musk and then the future President of the USA. So I guess this will continue, the community will have to find famous individuals to join the cause.

Bitcoin reached $70k without Trump's help, I don't see why it matters that he will speak at a congress and say that Bitcoin is a good thing.
The same thing happened with Musk, who announced that his company would accept crypto, only to announce a little later that he was selling crypto because Bitcoin mining consumes too much electricity.

In the end, I do not like at all that one entity (like the US government) holds a large amount of Bitcoin, and they certainly have the capacity for it.

Because some people only care about short-term profit and ignore "Don't Trust, Verify" motto. Public figure supporting certain coin usually have impact on the coin, at least on the short-term.

This is probably the closest to reality, most people are satisfied to earn some money in a few days, doing nothing.

[yhiaali3]

In communities where there are minorities, we always find that they have a sense of inferiority, so they feel very happy if a public figure supports them and stands by them, they immediately start feeling proud and arrogant and magnify the event and start glorifying the public figures who supported them.

Perhaps the same thing applies to the cryptocurrency community, which feels that governments are constantly rejecting and persecuting them through bans, restrictions, strict regulations, etc., so I expect that they find great strength and a sense of victory when famous figures like Elon Musk or Trump or others support them and talk about cryptocurrencies in a positive way.

[bee]

Once a bullish voice is uttered by a figure, it is a rare short-term opportunity to make as much profit as possible. Conversely, I think almost everyone knows how to play and take a stand. We no longer assume that the influence of such figures lasts in the long term unless their decisions involve many people with delegation or consensus.

[Wiwo]

Well it depends on where and how the community receive the news, because, at a point when such news is posted in crypto communities, not everyone finds them attractive since they already have the basic knowledge and also may not want to engage is such discussions, but while many others will fine such news so exciting and will share it on the streamline as many times as possible to make the news goes viral.

Just like the trump crypto speech which spike up a lot of discussions on social media and this could be positive and negative impact on the entire crypto environments.

[Stompix]

Isn't that quite an exaggeration?
Why is the crypto community so susceptible to manipulation?

It's not really manipulation but the "community" has learned that good news brings better prices, and better prices mean more $, so as I said before some will cheer up even if Hitler returned from the grave as long as it will make Bitcoin legal tender in the 5th Reich. Indeed a weird situation where promises are labeled as already done facts and negative news is instantly labeled as FUD, but it seems like the community has ended in a place where there's more trust and less verification.

[Zed0X]

I think most people are conditioned to follow influential people at a young age. You got celebrities hired by advertisers to promote whatever and their fans would buy without much thought about the product. It's the same effect with the hype/fud created when a famous one speaks positively/negatively about crypto.

[0t3p0t]

I think most people are conditioned to follow influential people at a young age. You got celebrities hired by advertisers to promote whatever and their fans would buy without much thought about the product. It's the same effect with the hype/fud created when a famous one speaks positively/negatively about crypto.

Yeah that is part of manipulation or traffic especially when they are paid to do so. Influencial people like Elon and other reputable individuals can affect a specific coin or token. It's all about benefits someone or somebody is after because they want something good in favor of them.

[Crwth]

I think they probably have a Somewhat Admiration for who they are following. It’s like oh they have the same likes and dislikes, and then you start to develop this intimacy with them and then can get manipulated because of it.

It’s crazy to have that kind of mindset and be controlled by anyone. We should be careful.