According to William B. Swann's theory of self-validation, people are constantly seeking or eliciting feedback consistent with their self-concept in order to gain a sense of control and predictability over the outside world, thereby maintaining and reinforcing their original self-concept.

Especially in the volatile cryptocurrency trading, traders have assumed that "I know how to grasp the volatility of this market", and combined with their following of charismatic leaders, it can be said that they have assumed that "I know how to read the prophecies of 'God'". When the market price of cryptocurrencies rises, as celebrities say, personal self-verification is further strengthened. Even the Fed is like a "temple", and people verify themselves with future monetary policy through various interpretations of the ambiguous statements of "Archbishop Powell".

In addition, the belief in celebrities as almost "gods" is compounded by external opposition, especially in the face of polarization, which further strengthens the cult of the individual. For example, during the U.S. election, because "He Jinli" (Democratic presidential candidate Harris) did not propose favorable policies for cryptocurrencies in the early stage, even if he showed a positive attitude in the later stage, the intensity was not as strong as Trump's. Trump's celebrity effect has been further strengthened by polarization, and market sentiment has been extremely high since Trump's election.

After the cult of personality is formed, how does the psychological and ideological activity be transmitted to the market behavior? It needs to be explained by the theory of bounded rationality.