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Musician Sean Ono Lennon, the younger son of the legendary Beatles’s John Lennon, is a vocal crypto supporter. He first mentioned Bitcoin in his interviews in 2020, when the world was suffering heavily from the pandemic, saying that BTC had given him hope.
Lennon's tweet on stock market meltdown
From time to time, Sean Lennon tweets about cryptocurrency projects he finds interesting. On Aug. 6, however, he addressed the issue that caused the 24% price collapse of Bitcoin that ended on Tuesday, as well as pushed the stock market down.
Lennon asked the U.S. government to comment on the stock market meltdown, adding that the community on X deserves to have “a little talk, a little reassurance.”
Can someone from this administration please address the stock market meltdown? Usually we get a little talk, a little reassurance. I think we deserve it.
— Seán Ono Lennon (@seanonolennon) August 6, 2024
As reported earlier, the stock market went down sharply in the U.S. after an even worse situation that happened to the stock market in Japan last week caused largely by the interest rate increase made by the Bank of Japan earlier.
Bitcoin reacted to the market crash with a massive drawdown, pulling the rest of the cryptocurrency markets along.
"Black Swan" author comments on Japanese market crash
Earlier this week, risk analyst, scholar and writer Nassim Taleb (author of the “Black Swan” concept and the same-name book on managing uncertainty on markets and in life) also commented on the stock market collapse faced by Japan.
Taleb pointed out that for 33 years before now, Japan has been keeping its interest rates close to zero, only adding quantitative easing measures to that. All of that comes “at a price you eventually must pay,” the scholar concluded. He added that Japan has been always mentioned by QE supporters as “a place where the strategy worked.”