Published on: 12/02/2024
President Biden, Memes, and Cryptocurrency: A Theatrical Twist to The Financial Tale
The crypto market took a distinctly joint pop-cultural-political turn when President Joe Biden posted on social media with laser eyes after the 2024 Super Bowl. The laser eyes meme, typically a symbol in online Bitcoin circles to represent bullish sentiment on the cryptocurrency, was seen on the President’s Twitter and Instagram profiles, sparking a wave of reactions and speculative conversation among cryptocurrency enthusiasts. But here’s the catch - Biden’s laser-eyed post didnt actually have anything to do with Bitcoin.
Originally, the meme was captioned just like we drew it up, in reference to the Kansas City Chiefs’ victory over the San Francisco 49ers. The twist in the tale lies in the meme: it was a humorous depiction of the conspiracy theory about the Super Bowl being rigged to favor Travis Kelces team. The end game of this alleged plot was for pop icon Taylor Swift to endorse President Biden.
Cryptocurrency community members were quick off the mark, analyzing what potential implications this could have for the ETH/BTC chart. However, the move was also criticized as a form of cultural appropriation given Biden’s lack of endorsement for any crypto-enthusiastic policies.
President Biden is publicly recognized as being “against crypto,” according to Stand with Crypto – a nonprofit advocacy organization affiliated with Coinbase. He has made five public statements that lean heavily towards a negative stance on digital assets, which makes it hugely unlikely that his post was a subtle endorsement for Bitcoin or any other cryptocurrency.
Biden’s post inadvertently stirred a pot that’s already simmering with excitement. The laser eyes meme originated as part of a campaign to propel Bitcoin’s price to an ambitious target of $100,000 by the end of 2021 - a mission that didn’t get realized. Nevertheless, this bullish symbol has been donned by prestigious personalities such as Tom Brady, Paris Hilton and Elon Musk in the past.
Adding a contrasting and more direct nod to the cryptocurrency world, Block – formerly known as Square – CEO, Jack Dorsey appeared in the Super Bowl stands wearing a t-shirt representing Bitcoin’s mysterious creator, Satoshi Nakamoto. His T-shirt was stylized to mirror the iconic smiley face from Nirvanas revolutionary 1991 album, Nevermind.
These events offer a distinctive and colourful backdrop to the goings of the crypto market. But what does it all mean for the future and for investors?
Analysts and investors should stay grounded amidst these swirling waves of speculation. While these nods and nudge towards the digital currency world bring valuable public attention, they’re not direct indicators of any imminent policy changes or market movements.
The crypto market has proven itself to be unpredictable and volatile, with memes, celebrities, and even world leaders able to cause ripple effects. This indicates that the crypto-sphere has woven itself seamlessly into the cultural fabric of our society, making it a permanent feature in the economic landscape, right next to traditional financial systems.
In conclusion, while these events may make for an exciting narrative, they merely scratch the surface of the deeper economic dynamics at play within the cryptosystem. Cold, hard analysis still matters over speculative excitement - after all, the crypto market isn’t entirely a meme. Yet.