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The New “Social Movement” Surrounding Cryptos – and What It May Mean

“The crypto sisterhood makes the Beardstown Ladies look like pikers”

by Bob Stokes
Updated: April 21, 2022

Both genders have long participated in financial markets but investing and trading had long been considered to mainly be the province of men.

There are notable exceptions -- like Hetty Green. Around the turn of the last century, she was thought to be the richest woman in the U.S. and her miserly ways earned her the nickname of the "Witch of Wall Street."

As society evolved, many more women have become prominent in the field of investing, especially in recent decades.

Yet, even today, when a woman gains prominence in finance, the fact that she's a "she" gets special mention.

For example, here's a March 22 news item from The Street:

Crypto Queen Raises $1.5 Billion in Largest Ever Female VC Fund

Relatedly, a female social movement of sorts has developed around crypto investing.

Here's another recent news item -- this one from the Wall Street Journal (March 11):

Reese Witherspoon and Gwyneth Paltrow Push for Crypto Sisterhood

They are among a wave of female celebrities pitching cryptocurrencies and NFTs to women, saying the unregulated, volatile market is a boys' club that they can breach.

Of course, it's perfectly OK for anyone to invest, whether they're tall or short, rich or of moderate means, experienced or inexperienced and so on.

A point to make, however, is that "social movement" investing rarely ends well. Indeed, our April Global Market Perspective mentions what it generally means when an asset class becomes the focus of a cause:

The crypto sisterhood makes the Beardstown Ladies look like pikers: The "cryptocurrency social community targeting women" doesn't just plan "to make money by issuing its own NFTs." Its goal is to "right gender imbalances in investing and shape the next chapter of the internet." Making money in the market is hard by itself. When alternate aspirations get blended in, it almost never works out.

As you might imagine, while the "push for crypto sisterhood" appears to be serving as a contrarian indicator, that doesn't mean Bitcoin and other cryptos will nosedive tomorrow or next week.

However, this social movement may suggest that the overall mania surrounding cryptos may be closer to an end rather than its beginning.

The message of the Elliott wave structure for major cryptocurrencies is revealing.

You'll find our Elliott wave analysis of Bitcoin, Ethereum, Cardano, Solana and Polkadot in the "Cryptocurrency" section of our April Global Market Perspective.

Follow the link below to get our forecasts for these cryptocurrencies now.

Elliott Wave Junctures: The Right Place at the Right Time

Sometimes, sheer luck is why we find ourselves in "the right place at the right time."

Yet in the world of investing, you can go broke before you get lucky -- if you don't have a proven method for participating in financial markets.

With that in mind, you are invited to take a close look at the Elliott wave method.

This excerpt from Frost & Prechter's book, Elliott Wave Principle: Key to Market Behavior, provides insight as to why:

When... the apparent jumble gels into a clear picture, the probability that a turning point is at hand can suddenly and excitingly rise to nearly 100%. It is a thrilling experience to pinpoint a turn, and the Wave Principle is the only approach that can occasionally provide the opportunity to do so.

So, yes, applying the Elliott wave method can help you be at "the right place at the right time."

If you prefer, given most of us have busy lives, our Elliott wave experts can do the work for you.

See how our analysts are using the Elliott wave method to guide subscribers by checking out our in-depth Global Market Perspective.

Just follow the link below.

Global Market Perspective

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Gives you clear and actionable analysis and forecasts for the world’s major financial markets.

Get insights for the U.S., European and Asian-Pacific main stock indexes, precious metals, forex pairs, cryptos (including Bitcoin), global interest rates, energy markets, cultural trends and more.

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