Analytics firm Visibrain counted about 101 million tweets throughout the year about Bitcoin, a 350% increase over 2020.
Bitcoin’s popularity on Twitter
That 2021 has been an explosive year for Bitcoin, and the entire cryptocurrency world is something that is now widely acknowledged. But if it is true that nowadays popularity is measured on social media, well then in 2021, there has been a real boom in attention to Bitcoin and cryptocurrencies, especially on Twitter, the social par excellence of the sector’s fans.
Tweets about Bitcoin
The real explosion of tweets about Bitcoin would have occurred between February and March, with almost 900,000 tweets about Bitcoin after the announcement of Tesla’s Bitcoin purchase for $1.5 billion. Other peaks occurred in September when El Salvador legalized cryptocurrency and in November when there was a new ATH in Bitcoin prices.
But throughout the year, the average number of tweets about Bitcoin was steadily above 200,000.
Twitter and cryptocurrencies
Twitter has long since become the widely preferred social platform for cryptocurrency enthusiasts. On the other hand, the founder of the platform, Jack Dorsey, has long been an avid supporter of cryptocurrencies.
In September, Twitter launched the project to accept payment for tips in Bitcoin. Then in November came the news of the creation of a cryptocurrency research team. Jack Dorsey, a year ago, had also launched a project of a new social on blockchain called Bluesky.
The effects of tweets on the cryptocurrency market
The tweets of some influencers of the platform have become real market movers, first of all, those of Elon Musk, the founder of Tesla, about Dogecoin, the meme, that thanks to his endorsements, has managed to get among the top ten most capitalized cryptocurrencies.
Feng Mai, a researcher at the Stevens Institute of Technology based in New Jersey, conducted an in-depth study just on the influence of social media on the price of Bitcoin. The research conducted by analyzing 344,000 forums and over 3 million Bitcoin-themed tweets found that, in fact, the so-called influencers serve a lot but would not move cryptocurrency prices much anymore.
“To leverage the effects of social influence on bitcoin markets, investors should actively follow the most influential people in a social network to collect market information much more efficiently. However, the power of the silent majority should not be ignored, as we show that their sentiments can be the more important metric in predicting the movement of future prices.”
On the other hand, social networks, in general, have always played a very important role in the history of Bitcoin; just think that the first famous transaction made with Bitcoin was posted on a small forum, Bitcoin Talk, where Laszlo Hanyecz posted a potential Bitcoin transaction for two pizzas.
The two pizzas were purchased on May 18, 2010, for 10,000 Bitcoins, which today is equivalent to $500 million.