Within the Bitcoin conversation we found that exchanges (5m), wallets (2m), and fees (2m) were huge topics between January 1 2019 and January 31 2021, as people discussed their experiences and sought advice.
But, ultimately, investing was the largest topic of conversation with 625k mentions in January 2021 alone, with many people hoping to cash in on the potentially high returns.
Meanwhile, conversation around Dogecoin — the cryptocurrency initially created as a joke — focused on generating hype and encouraging people to buy in. We found 328k mentions of “buy” and another 176k mentions of “hold” as Dogecoin holders asked their peers to hold off on cashing in, again to increase the price of the coin (and any potential rewards).
Elon Musk boosted the once-laughed-at currency into the mainstream last year, promoting it several times via his social media and generating 239k mentions. In December, the Tesla CEO tweeted: “One word: Doge” and surged the cryptocurrency’s value by 20%. In January 2021 he tweeted yet more support, contributing to the recent conversation and price surge.
The currencies we’ve looked at today have both seen huge relative increases in their value, which have been real drivers of both conversations on social media. That said, as shown in the Elon Musk example above, it works both ways. The right kind of social media conversation can also impact value.
For many consumers, cryptocurrency is seen as an attractive and often easy way to make some cash. With the pandemic causing financial havoc in many places, Bitcoin could be seen as a possible way out of money trouble – a currency that some investors believe can maintain its value even when economies are under great stress.
And there is lots of money trouble. We found that mentions of financial strain on social media increased 23% in 2020, in comparison to 2019.