- Social media statistics show less interest in BTC over time
- The Bitcoin community is a strong one on Twitter
- Twitter is widely used by crypto researchers
People in cryptosphere believe that cryptocurrencies like Bitcoin are creating a paradigm shift in the world of finance. However, research on social media statistics seems to show that there are fewer people talking on Twitter about Bitcoin today as compared to five years ago.
Crypto still big on Twitter
The volume of BTC related tweets, according to a tweet by Crypto Enthusiast Kevin Rooke, has reduced by close to 50 percent during the last five years. A Tweet by Rooke on April 29, 2019 states:
Bitcoin-related tweets are at their lowest level in 5 years.
There were 16,710 Bitcoin tweets yesterday, but roughly 30k Bitcoin tweets per day in 2015.
The world (outside Crypto Twitter) isn't paying attention to Bitcoin. pic.twitter.com/2zeCYVjeBX
— Kevin Rooke (@kerooke) April 28, 2019
Anyone with a little knowledge of the happenings in cryptosphere knows that the Bitcoin community is a strong ally of Twitter, Reddit and other leading social media outlets. It is an open secret that ever since cryptocurrencies came into being, hundreds of thousands of enthusiasts that have developed a connection to digital currencies and blockchain have coalesced in Twitter, to form what is fondly referred to as “Crypto Twitter.”
The raging argument about Bitcoin’s growth with digital social engagement in the form of the 280-character eye-opening messages, in-depth videos on YouTube and educative Medium posts are no accident. Twitter and Square CEO Jack Dorsey, talking in a Joe Rogan podcast said in February that cryptocurrencies were born, live and thrive on the presence of the internet. Dorsey stated in a podcast:
“(Bitcoin) was something that was born on the internet, that was developed on the internet, that was tested on the internet…It is of the internet.”
Foretell Eventual Price Action
As this is the situation, it should come as no surprise the cryptocurrency enthusiasts and researchers have sought to take advantage of existing social media-centric indicators that they believe foretell eventual price action. A popular cryptocurrency analyst Murad Mahmudov said in February that the engagement of the keyword Bitcoin on Twitter had declined substantially when we were at the bottom of the longest Crypto winter. However, it should be remembered that Twitter remains the most widely used platform for cryptocurrency researchers, businesses and developers and a drop in engagement could be deemed to show a reduced interest in the sector. Mahhmudov said in February:
“This screams bearish. Tweets about Bitcoin at the same level as 2014 and lower than at any point in 2016, like nothing has changed. That is an absolute disaster for the price in the medium-term in my opinion.”
Investors in the cryptocurrency sector have since discovered that the bearish market has given way to the bulls and as the longest bear market seems to have ended. Speculation is drying out and true believers in the digital asset believe crypto has bottomed out and BTC’s price can only grow.