Recently, the comments regarding cryptocurrency by various media personalities and billionaires have become almost mainstream. Thus, if the comments are helpful and will not affect the rate of a particular cryptocurrency in any way, everything would be clear. However, the tweet of Musk leads to an increase in bitcoin by $ 5,000. How much did the big Bitcoin holders and Musk earn on this jump? Assumingly, does the tweet was bought from him by large bitcoin holders? After all, the capitalization of the cryptocurrency has already exceeded a trillion dollars. Of course, there are people who will benefit from further appreciation of bitcoin and other cryptocurrencies. And why don't they really buy all sorts of loud tweets from people who take the words of the market very seriously? Just think about it, just one person, in one week, raised the value of the world's largest cryptocurrency by 20%. However, this is all lyricism.
American billionaire Mark Cuban, shared his opinion on the cryptocurrency segment. His opinion stated that at the present time the value of any asset is determined not by specific calculations or its utility, but only by what people think about it. That is why in the modern world, those who have not yet understood this simple concept lose, says Cuban. The billionaire gave an example from his childhood, when he discovered at a stamp show that many sellers were selling the same stamps at different prices. Therefore, it was easy to resell them and make record profits, taking advantage of this inefficiency in the stamp market. Approximately, the same situation occurred with the video game store chain GameStop at the end of January. Then users of the Reddit community raised the price of GameStop shares three times by simply agreeing to buy them online. This has resulted in various investment companies losing billions of dollars on this. So maybe GameStop's stock isn't worth as much as it's gone up, but is there demand? Yes, there are. If there is demand and it grows, then the price rises. So it turns out that theoretically, the shares of the diner can be worth more than Apple shares, if people rush to buy the shares of the diner. The most important thing is that in the 21st century, it turned out that fundamental reasons are not necessary for the growth of the value of an asset. Or any reason at all. A crowd gathers, they are given an explicit or implicit signal to buy (or sell) and in this way you can manipulate the value of the asset. Or the owner of a Tesla writes a tweet in a social network regarding any cryptocurrency and the entire cryptocurrency market reacts to it.
Cuban also talked about the concept of "means of saving". In his opinion, bitcoin is bought simply because people believe in it and give it value. The situation is about the same as with gold. There are many metals that are very similar to gold and have the same physical properties, but gold has more buyers, because people believe that this metal will be better at preserving value than platinum.