Does it affect currency prices? The results of the US midterm elections actually shook the core principles of Web3
The US midterm elections have finally come to an end, and the actual results are a bit surprising: Trump's Republican Party did not win a big victory, or even a crushing victory, which also madeThe 2024 election results are a bit more of a mystery. The Republican Party's core advantage is lacking, but the fundamentals are still strong. In particular, Musk's strong intervention reflects a key point overlooked by ordinary people: America may also enter an era of strong man politics.
1. Musk,The first successful person in the Web2 to We3 transition test
First, let's take a look,Before the FTX thunderstorm in the Web3 world, the most talked about topic was Musk's entry into Twitter.
Why did Musk's influence come fromWeb2 penetrated Web3, and nothing was more far-reaching than his own crossing of borders. He is not only the founder of Tesla, PayPal, and X-space, but also a super-rich person who frequently asks for Bitcoin, and is also a “big bookmaker” of Dogecoin among investors in the crypto industry.
As a result, Musk's series of actions after joining Twitter also made many users in the crypto community feel excited. For example, he revealed that a cryptocurrency payment function will be piloted on Twitter later, and hinted that crypto advertisements will be inserted more on the Twitter platform. After these plans, which had the nature of calling for crypto assets, were interpreted and amplified by the media, they immediately triggered short-term fluctuations in the market, especially when Dogecoin soared in a short period of time10% is the most obvious.
Why was Dogecoin able to follow the trend and reap such huge gains? In fact, it's not just Musk's relationship that is unclear. As we all know, Dogecoin is AmericanIt is representative of meme culture, and the underlying values of meme culture are anti-tradition, anti-authority, and anti-elite. Musk, who was born ordinary but has excellent ideas, actually fits the core of this new ideology.
More importantly, during his startup, Musk showed various styles of behavior that were out of step with Wall Street capital, with investors in the crypto industry, and evenThe internet natives of the Z era coincided. In a sense, Musk is probably their ambassador in traditional internet circles; of course, this symbol has not been written. We have seen that the surge in the zoo coin series, represented by Dogecoin, does not seem to have any technical support or application scenarios, and the logic of its value is difficult to understand in the eyes of traditional capital, but this is actually also a precursor to the actual application of Web3 on a global scale:
More atThe traditional world of Web2 is squeezed by capital, has no voice, and is difficult to achieve a new power that crosses classes. They use the few chips in their hands as bets, and even support something fresh that resonates with it in a way that conveys meaning. In the past, this carrier was Bitcoin and Ethereum; now it is Dogecoin and SHIB, and there may be new ways to iterate Dogecoin in the future.
So, it's also a good idea to understand Dogecoin's sharp rise: Musk in the unofficial senseThe leader of Web3 fans began to run the world's most popular social networking platform. He will even turn Twitter into a real Web3 product. Although he has no idea about the underlying technology for the time being, he can at least test encrypted payments. Of course, further, Musk's acquisition of Twitter actually had more far-reaching political intentions. This is what more farsighted crypto supporters are most excited about: preparing to lift the ban on Trump's Twitter account and meddle in the 2024 US election!
2. Acquiring Twitter, Musk's political gift to the Republican Party before the midterm elections
As we all know, Musk originally sided with the Democratic Party, but later ended up disagreeing with the Republican Party because of his political position and distribution of interests, he had no choice but to go against the Republican Party. The current democratic political ecology of the United States has slowly evolved into a drama of strong people's politics. That is, the Republican Party camp, which has an advantage, has been completely integrated by Trump personally, and its overwhelming influence has become the lifeblood of the Republican Party's occupation of the votes of major states.
However, Trump, who has always been good at manipulating public opinion and inciting emotions, is tantamount to breaking his wings in the middle of the air since Twitter was banned. After Musk bought Twitter and privatized it, the first major move was probably to lift the ban on Trump's Twitter account to help him regain influence among the American public.
Musk's secret plan to lift the ban on Trump's account is inevitably unimaginative. What's more, Twitter is an important public opinion position. After Musk gives it strong personal elements and colors, its political tendencies will become more obvious, and even directly affect the public opinion war behind the bipartisan party and government.
In other words, the balance of victory is actually beginning to lean more in favor of the Republican Party. Moreover, according to the rules of the current election campaign and the history of the development of the human democratic system, the day of the Great Depression was a time when strong people's politics were on the rise.
As we can see, before the midterm elections, Trump showed more unity than expected in the Republican Party. Although not strong momentum in the midterm elections against the Democratic Party, this may also have spawned strong opponents from the Democratic Party. What's more, ifTrump is successfully elected in 2024, and America's strong political ecosystem will be further realized. This is why Musk is betting big on privatizing Twitter: despite spending huge sums of money for Trump and his supporters
Breaking the cycle of politics and public opinion has had little effect so far, but once this interest team comes to power, Musk, who has a long history, may enjoy longer-term benefits, far beyond the commercial sphere. So, we can intuitively and logically. Musk's acquisition of Twitter before the midterm elections was actually a political gift to the Republican Party. As for why the ban on Trump accounts was not lifted before the midterm elections, it is likely that they have been hampered by many opposition forces, and they are probably considering avoiding suspicion. After all, Americans' evaluations and opinions on Trump are seriously polarized. Currently, there are a large number ofKOLs and users flee Twitter, but this will only accelerate the arrival of the day Trump's ban is lifted. After all, the Red Neck forces behind Trump are also a huge user base. The appeal of super idols can also make Twitter's daily activity data more attractive, making it easier for the next round of financing to make up for the huge shortfall caused by financing.
If a Republican boss like Trump or DeSantis comes onThe US presidency in 2024. After they gave Musk a series of political privileges and commercial benefits, which sectors would benefit the crypto industry the most? Undoubtedly, the biggest beneficiary is Dogecoin, and other zoo tokens will definitely “ascend to heaven.” However, speaking of this, I believe some users will also express their doubts. When Web3 takes the form of Musk alone, and even involves politics, gatekeepers, court fights, and all kinds of unbearable shady scenes, won't the foundation of its decentralized value system loosen? How can the benefits of insignificant conceptual tokens such as Dogecoin support the prosperity of the entire crypto industry? Is this trend irreversible with the rise of strong man politics on a global scale.
III.The test facing Web3 is essentially the stagnation of the world economy
Indeed, under Musk's personal influence,The carrier of Web3 has focused on meme coins, then gradually politicized, and even eventually became a tool under the will of some kind of group. However, looking back at the underlying principles of decentralization of Web3 itself, the conflict between before and after is highlighted and contrary to each other. Simply put, Musk himself seems to be able to influence the shape, evolution, and position of Web3, or after Musk, someone with some strong symbolic meaning was given this meaning. At the end of the day, this sense of rift is also due to Web3, which is currently still in the extremely niche stage, but is being placed on extremely high expectations by capital and the public.
In addition to some kind of ambiguous and unclear relationship between Musk and the capital forces of the Republican Party, anti-power politics has further intensified on a global scale. In Europe, right-wing forces have continued to ferment, and there is a trend of dismembering the European Union and controlling the overall situation. In Latin America and other indebted countries, the economic downturn caused by the pandemic has also brought good nourishment for extreme political activities. Sri Lanka, which faced a crisis of government collapse this year, is likely to end civil unrest under the influence of strong man politics. So,Web3, an economic model spawned by the Internet's economic dividend period, has mismatched the global economic crisis brought about by the COVID-19 pandemic. It's hard for any crypto investor to stand alone.
自Computer technology from the 90s to now has gradually stagnated, and the user dividends of the mobile internet explosion have been exhausted. Naturally, the new technology and story of Web3 has become a driving force for hot money and innovation. But everything is still unknown, and the traditional power is too huge. The stakeholders behind this, who are anxious to find a breakthrough, are in desperate need of inventing ideas to gather the confidence and awareness of the nation. Musk has become a unique candidate because of his handling style and net worth. Starting with him, he will also form an updated alliance of interests to consolidate the story logic of Web3. The founder of Binance recently made a high-profile claim to invest in Twitter and strongly supported Musk. We still don't know how Binance and Twitter will marry in the future, but what is clear is that Musk's entry into Twitter is a spiritual victory for crypto supporters and the Z era behind it, adhering to the Meme cultural philosophy. At the very least, these grassroots, who desire dominance in the new order, have found a spiritual coordinate, and are more confident to use cryptographic assets to launch a new Web3 narrative and compete with the giants of the Web2 world.
So in the end, whenFacing a more uncertain world in the Web3 world, will the crypto asset market be affected. After the Republican Party comes to power, how big can America's loose monetary policy be? Will EU Countries Change Their Attitudes Toward Crypto Policy After the Right Comes to Power? Will the increasingly turbulent Third World accelerate its embrace of Bitcoin and Ethereum due to the depreciation of its fiat currency under the geopolitical crisis? Will Gen Z powers who suffer from hierarchical fixed-line phones stage more “Game Station Incidents” after 2024?
These issues require the continuous attention and consideration of every investor in the crypto industry, and they will determine the wealth opportunities for each of us. So,The history of Web3 will always remember the 2022 US midterm elections.
Author: Jonathan Smith
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