In addition to seeking advice from AI-powered chatbots, some people turn to the power of the mystical and fortune-telling to predict market movements, with notable examples in Thailand.
The use of fortune-telling practices to predict market fluctuations has been discussed in the ar/cryptocurrency subreddit on Reddit. Specifically, a fortune teller with the alias “Pimfah” has a Facebook group with 160,000 members, where members inquire and post tarot readings—some people inquire about the significance of their tarot readings for the cryptocurrency market.
Another self-proclaimed “fortune teller,” Ajarn Ton, has a YouTube channel with nearly 26,000 subscribers, where he has uploaded hundreds of videos attempting to predict the prices of various cryptocurrencies using fortune-telling methods.
One of Ajarn Ton’s recent predictions was that the cryptocurrency Terra Luna Classic (LUNC) would increase by nearly 50,000% to reach $0.029. However, at the current time, LUNC is trading around $0.000055. Nevertheless, some of these predictions occasionally turn out to be somewhat accurate.
A prominent fortune teller, Mor Plai, gained attention in Thailand earlier this year with a prediction in August 2022 about the cryptocurrency market’s recovery starting in November 2022. This prediction turned out to be somewhat accurate, overlooking the cryptocurrency dip surrounding the FTX crash.
However, many people on Reddit remain skeptical of these methods, considering the predictions by these “fortune tellers” to be somewhat vague.
It’s worth noting that while Western societies may not place much trust in spirituality and these prediction methods, they are particularly popular in Thailand. A report by Pew Research in September 2022 revealed that over 80% of surveyed Thais believe in God, deities, or spirits, and nearly half believe that magic, curses, or other miraculous events influence human life.