Bitcoin is a Tech Bro Consumer Confidence index, or why it crashed this week

​

My theory is that tech workers were the earliest Bitcoin adopters, most whales have some connection to tech, and meme trading is dominated by millennial tech workers: younger people with very high incomes and a desire to get rich.

When software developers and other tech workers are getting big bonuses and multiple offers for jobs paying hundreds of thousands of dollars they feel flush and they gobble up lots of crypto, driving up the price.

But now? Last week the Claude Code AI model update utterly crashed the stock of the software companies that employ hundreds of thousands of tech bros, who have already been spooked, or actually fired, by the recent massive layoffs at Amazon, Google, Microsoft, META, and others.

Some of them are actually unemployed now and cashing out to pay their very high bills, but even the majority who are still employed know their jobs are under threat from AI and are preparing their finances for the worst.

Tech Bros scared -> Bitcoin crashes