Twitter, with a user-base of 1.3 billion users and 330 million monthly active subscribers worldwide, bears the power to influence the real world in ways one couldn’t imagine. Now, the social media and micro-blogging platform has recorded an increased amount of Bitcoin and Libra posts in recent times.
Crypto trading and analytics firm – The TIE – gathered that 38.9 percent of these tweets emanated from the U.S, with only 10.5 percent from the U.K. Other regions with an ample amount of tweets on the said topic include Canada, Turkey, India, and Australia, respectively in descending order.
A Geographic Breakdown of Crypto Twitter🌎🌍🌏
Overall 38.9% of total Bitcoin tweets come from the US and 10.5% from the UK.
The top five countries where Bitcoin is discussed on Twitter are the US, UK, Canada, Turkey, India, and Australia. pic.twitter.com/vUMG9l4KR2
— The TIE (@TheTIEIO) July 4, 2019
Also taking into consideration the sentiment poll, of the countries with less than 0.5 percent of the total volume of tweets about bitcoin, Peru happens to be the highest with a positive sentiment poll. Alongside Malaysia, Indonesia, Vietnam, and Italy trailing behind in that particular lineup.
However, on the negative end, Venezuela surprisingly seems to be leading the poll with 62 percent of the total negative tweets about these neoteric currencies. As is followed by Mexico, Estonia, Brazil, and Ireland.
On a global scale, Bitcoin enjoys a 59.8 percent positive tweets as according to the TIE findings. While the U.S is generally bullish about cryptocurrencies, it was gathered that 61.5 percent of the overall tweets (a total of 38.9 percent of the entire world’s tweets) about Bitcoin were positive.
Additionally, Facebook’s Libra coin was also placed under surveillance by the crypto trading platform. And on this note, the U.S yet produces the most significant tweets about the Libra coin making 43.8 percent of the global tweets on this coin. This time, having the U.K, France, Canada, and Australia falling behind in the same succession.
Since the news about Facebook’s involvement with cryptocurrencies surfaced, it has been a case of mixed feelings. All the same, there has been a paradigm shift in recent times as tweets originally tending to be more positive, now experiences a 54.8 percent negative approach as at the time of writing. TIE further tweeted saying:
“Libra tweets were most positive in the United Kingdom, but tended to be much less positive in the US and France – countries experiencing regulatory pushback.”
Albeit, it was garnered in this research that these Twitter sentiments were mostly positive in nature even when the reverse is the case. Similarly, most people who tweet about BTC and Libra in spite of the occurrence of a downtrend, do so because they have a long term interest deeper than investment opportunities, on the long run, purporting biased tweets towards the positive.
In conclusion, it becomes even more pertinent to note that such hypothesis indicates thereof the number of tweets and their sentiments (whether positive or negative) can influence prices. Since studies have already proven that the number of tweets and Google searches changes first before prices do.
Hence an ardent observer of the uptrend or downturn of the masses’ shared views towards any given stock, asset or cryptocurrency, could easily estimate its price trajectory.