On Twitter, the bitcoincrash looks like a party. No agonistic tones. At ten in the morning, Spanish time, the value of bitcoin barely exceeded 30.000 euros. The word crash repeated itself in a continuous, stereophonic echo. Where else, on Twitter. Now, it is necessary to underline how the representation of this crash in this social network distances itself from the idea that many could have of it, of a monetary or stock market crash.
Perhaps it is a way to take emotional distance from the matter, especially if you have a respectable amount of cryptocurrency; or it is part of the game itself that involves investment in cryptocurrencies; or, perhaps, that societies no longer take things tragically, tremendously. But, in this crash, we don’t see movie-type footage. Living is beautiful!, nor, at least for now, there is no news of dramatic events.
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The tone that dominates is the humorous, the comical, the search for a distant smile, with a bit of an air of superiority, of this fall in the price. The Crypto Apocalypse, as some have baptized the general fall in value of cryptocurrencies, seems like one more attraction of an amusement park in which everything seems controlled.
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Bought the dippity TOP 😂#Bitcoin #Crypto #cryptocrash pic.twitter.com/BE7umiqoM6
– Leo (@Seangara_) January 21, 2022
The dominant humorous tone on Twitter about this event also seems to contradict this destructive image of social networks. This time, and with a few exceptions, that angry mass that Douglas Murray tells us about has not appeared (The angry mob). Except for the accusations against Bukele, for his country-bitcoin, the tone is humorous. Not even traces of escape or calls for a quick escape are shown, indicating an emergency door. What is done is to generate a trend on Twitter with the hashtags #cryptocrash or #bitcoincrash. People talk on social networks, laugh and seek the laughter of others. It’s a fabulous dialogue.
The explanation for such a reaction is not easy. At least, it is not as easy as that of all those who write now explaining why what has happened has happened. The succession of interpretations and “I told you so” is valuable in itself. Looks like they had the explanation gun already loaded. The difficult thing is to explain this chain of easy explanations. Some too easy. But above all: why do so many people get into metabitcoin mode and humorously? The bitcoincrash looks like a party on Twitter. No agonistic tones.
When the crypto market is dumping, but you refuse to sell anything. #cryptocrash pic.twitter.com/Bk5OB7LQPG
— Shinja Army (@shinja_army) January 21, 2022
It may have been something expected. Like the one waiting for the January slope. A kind of fatality fixed in the calendar that returns cyclically. In fact, it is not the first time that bitcoin and cryptocurrencies have suffered significant falls during the month of January. Thus, there was also talk of a bitcoin crash in January 2018. Although there were also months of May, June, etc. of different years in which the word crash was used, January seems the favorite.
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Just look back. You don’t have to look too far back either. In December 2020, bitcoin was around 15,000 euros. It reached around 30,000 euros on January 8, 2021. But when on January 22 – just a year ago now – it fell to 26,000 there was also talk of a crypto crash. Today, a year later, it is above those prices. If you look even further back, relative to five years ago, bitcoin has appreciated by over 3,000%. Of course, it will be said, it all depends on the moment and the price at which it was bought. Well it’s true. For this reason, another large line on social networks speaks of opportunity. The one that lowers its price, as the opportunity to acquire cryptocurrencies.
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The dominant humorous tone may be based on the fact that, even losing, investments in cryptocurrencies are still treated as a game. A game in which, as it says @ 21MrNiceGuand, no one should invest what they are not willing to lose:
I want to make my prognosis clear.
I not only maintain that in the SHORT term the #Bitcoin and the cryptos are going to crash, which is already starting to happen, but at MEDIUM they will disappear.
– Ángel García Banchs (@garciabanchs) January 21, 2022
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