Alex Jones appeared on the Joe Rogan podcast this week and, in typical Jones fashion, went into a bit of a mad rage. After discussing the post-birth abortion theory, he also claimed that George Soros, the pin-up boy for racist antisemitics, offered to pay him $5 million to pump Bitcoin. Conspiracies are nothing new thanks to the advent of the internet, and many in the cryptocurrency community appear susceptible to them.
Many people who have purchased Bitcoin over the years have done so due to their unhappiness with the current global status quo. The central banks of the world and their quantitive easing coupled with what some view as ever-growing state control underpins some of the key reasons why people believe Bitcoin is their saviour.
Many members of the cryptocurrency community do not trust the government or the elite. This trust issue is heightened further when the industry they have made to subvert their power is not only full of shoddy altcoins, but is now being integrated with traditional big business.
As such, they are an extremely sceptical bunch. This sceptism means that although mainstream news outlets are distrusted, alternative forms of media have gained popularity. Add to this that they tend to be right-wing, it is little surprise that ideas of conspiracies gain some traction.
The conspiracies are not limited to just global issues though. They have crept into the industry itself. Many Bitcoin Cash fans believe that BTC has been wrestled away from its original ideas thanks to Blockstream, who they accuse of being funded by the Bilderberg Group. When the QuadrigaCX founder died, there was a frenzy over whether it was all a hoax. Some go as far as to believe that Bitcoin was in fact created by the NSA under the pseudonym Satoshi Nakamoto.
The rise of the internet was supposed to lead to a democratisation of information. Finally, information could be spread freely anywhere in the world. Instead though, we now see a world full of disinformation, meaning people have become the most sceptical of beings. Critical thinking, questioning of sources, and listening to both sides have become essential skills, unless you want to end up down a rabbit hole where Alex Jones is going to keep you company.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.