Argentina’s president and crypto scammer Javier Milei, accused of participating in crypto frauds since he was a congressman in 2018, promoted the cryptocurrency $LIBRA, generating $87 million for 10 of his friends in recent days; 44 thousand investors lost their savings.
But what is behind this and other scams, promoted by populist leaders such as Trump and Bukele?
Psychologically, the attraction to cryptocurrencies can be compared to the group mentality often found in cults. Believers often show an almost blind devotion to technology and its promises of wealth and financial freedom. There is a strong sense of belonging and a distrust of external authorities, such as governments and traditional financial institutions.
From a cultural perspective, cryptocurrencies have spawned a unique subculture with its own language, symbols, and rituals. Terms like “hodl” (holding cryptocurrencies), “to the moon” (referring to rising prices), and “FUD” (fear, uncertainty, and doubt) are examples of this cryptic slang. Additionally, events like cryptocurrency conferences and enthusiast meetups have an almost ceremonial air.
Crypto is a cult.