After the significant market fluctuations and a crisis of trust, an increasing number of cryptocurrency and stock investors in Thailand are turning to divination for a sense of security. This has created a vibrant psychic market in Thailand with significant potential revenue.
According to Reuters, Thailand is deeply influenced by Buddhism and other Eastern religions such as Daoism, many believe that the supernatural abilities of humans are limitless, and the power of divinity and astrology can help predict market movements, including cryptocurrencies. This topic may seem peculiar, but it’s actively discussed in the Tab AR/cryptocurrency Subreddit on the social media platform Reddit.
In their discussions, Reddit users mentioned the most famous Thai fortune teller, Mor Plai, who predicted since August of last year that the cryptocurrency market would start recovering from November 2023. This prediction proved accurate when observing market trends and overlooking the FTX collapse.
These conclusions have made the divination market lively. A fortune teller with the alias “Pimfah” has a Facebook group with 160,000 members, where hundreds seek tarot readings to predict the cryptocurrency market daily.
However, sometimes fortune tellers make mistakes. Ajarn Ton, a fortune teller with a YouTube channel of nearly 26,000 subscribers, used astrology in a video to predict that the Terra Luna Classic (LUNC) coin would experience a sudden increase of nearly 50,000%, bringing the price to $0.029. In reality, LUNC is still trading at below $0.000055.
This led many Reddit users to express skepticism about predicting the market through astrology. One comment with hundreds of upvotes stated, “As long as these fortune tellers make vague predictions, somehow their reasoning becomes correct.”
Despite Western skepticism, Thai culture has long embraced astrology and other forms of divination like palmistry, card reading, and numerology. According to a 2021 study by Mahidol University, 78% of the population believes in supernatural phenomena, thinking it will impact each person’s life.
However, many alert Redditors believe, “No one can deny the indirect relationship between astrology and market prices. Predictions from reputable fortune tellers can influence the psychology of young investors, manipulating sentiment and causing price changes. It makes many think that the prophecies have been proven.”
Returning to predictions, a fortune teller with the pseudonym “Crypto Damus” posted on Twitter on October 18th: “At the end of October, Mars will begin retrograde. This is a significant source of energy, influencing most states on Earth, including Bitcoin in an unfavorable direction.”