Mon, May 27, 2024 at 09:27

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I want to discuss a recent post by Sampson Mowe on X (formerly Twitter).

  • He expressed concerns about politicians becoming 'pro-crypto'.

  • 
• Annie

  • Oh, interesting!😊 What exactly did he say?

  
• 

  Kang-hoon

  • Mowe mentioned that while it might feel good compared to the past when politicians were hostile to crypto, it is not beneficial for Bitcoin in the long run.

• Annie

  • Hmm, that's a bit surprising.

  • Why does he think it's bad for Bitcoin?

  
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• 

  Kang-hoon

  • He pointed out that without a strong Bitcoin Ethos, we risk repeating the mistakes of FTX, Luna, or Genesis.

  • 

  • Essentially, he believes that superficial support without understanding Bitcoin's core principles could lead to significant issues.

• Annie

  • I see.😮 So, he's worried about another major failure in the crypto space?

  
• 

  Kang-hoon

  • Exactly.

  • Mowe emphasized that we could end up paying the price if politicians support crypto without truly understanding it.

• Annie

  • That makes sense.

  • But what prompted him to make this statement now?

  
• 

  Kang-hoon

  • His post was actually a response to an earlier post by Senator Cynthia Loomis.

  • She mentioned that it has been a big week for crypto on Capitol Hill.

• Annie

  • Ah, so there's been some political movement regarding crypto recently?

  
• 

  Kang-hoon

  • Yes, exactly.

  • Loomis's post highlighted the increased attention crypto has been receiving from politicians, which Mowe interpreted as potentially problematic.

• Annie

  • Got it.

  • So, how do you think this news will impact the market?

  
• 

  Kang-hoon

  • In the short term, this could be seen as a negative development.

  • If influential figures like Mowe are skeptical about political support for crypto, it could create uncertainty and caution among investors.

• Annie

  • That's concerning.😟 Do you think this will lead to a drop in Bitcoin's price?

  
• 

  Kang-hoon

  • It's possible.

  • Market sentiment can be quite sensitive to such high-profile opinions.

  • If investors perceive political support as superficial or misguided, it might lead to a sell-off.

• Annie

  • Thanks for the insight, Kang-hoon.

  • This is definitely something to keep an eye on.👀

  
• 

  Kang-hoon

  • You're welcome, Annie.

  • Always good to stay informed and cautious in such a volatile market.

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.