Is the market crashing because of a sibling rivalry?
The top three cryptocurrencies were all down on Saturday morning, with the still-dominant Bitcoin down 12 percent. The craziest part? sibling rivalry may have inspired it.
The billionaire CEO made fun of the decentralized organization and Web3 lovers on Friday evening.
Musk didn't include any commentary of his own, but the meme accuses Web3 fans of saying in the bathroom, "Hey man, you should really get into crypto."
According to WIRED, the term Web3 can be defined as an online platform based on the ledger. We are currently living in a place called Web2, which is controlled by mega-corporations with little government oversight. According to CNBC, a group of people pool resources and decide to make investments.
Why is Musk poking fun at both of them, since they are supposed to be the start of a new era of digital currency?
Kimbal Musk made a big announcement last week. The younger Musk sibling is creating the Big Green DAO, an spinoff of the nonprofit that provides gardening education to children. Kimbal's right hand man comes from Decentraland, according to the report.
Is it a reference to his brother's financial activity? Kimbal said that he was taking cue from religious traders who wanted to create a better world.
Kimbal Musk said the religious are awesome. They believe that this will bring power back to the people.
It sucks for the people whose investments are crashing that his brother has gone off the deep end. We know of at least two other times that the markets have been affected by the same thing as this one.
Maybe he just isn't afraid to buck the trend, regardless of what his brother does.
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