While eggs must always first give way to chickens, in the case of Twitter discussion volume and bitcoin price rising things aren’t exactly clear. Did the decentralized currency’s massive value increase drive Tweets?
Or, did the Twitterverse push ever-upward the world’s most popular cryptocurrency, bitcoin?
Twitter + Bitcoin = $
“Twitter is clearly taking the lead as the home for discussions related to new monetary technologies”, Social Market Analytics‘ Joe Gits declares to Jared Podnos. And it does seem to be the case.
Not known to tweet, having just joined the platform this year, Lloyd Blankfein of Goldman Sachs rocked markets by simply suggesting he was leaving open the idea of bitcoin (he later shut the door rather firmly).
Just this week, a Twitterer organized a giant troll campaign to buy mainstream advertising as a way to press bitcoin’s case to a wider professional financial world.
“We’re seeing Bitcoin ($BTC) conversation volume alone exceeding that of the FANG stocks (Facebook $FB, Apple $AAPL, Netflix $NFLX, Google $GOOG) on a daily basis”, Mr. Gits continues. Apple is the world’s most valuable company, hovering around a 700+ billion USD market capitalization, and Alphabet (Google) routinely swaps places with it.
A Way to Respond Quickly, Pithily
Bitcoin’s reach is beyond that of its mere price, as Mr. Gits noted: “We are also observing the influence of crypto technology on other blockchain related equities. Semiconductor stocks like $NVDA and $AMD are greatly impacted by the increase in mining related products”, he observed.
Bitcoin’s influence is so pervasive, legacy bankers have tantrumed publically, calling it a “fraud.” Mainstream media plays along, calling the statements ”breaking news”. In the past, that might have been the last word on the matter. But Twitter’s overt support for cryptocurrencies and exploring them allowed bitcoiners to offer their own responses in typical pithy, snarky graphs and charts.
Twitter CEO Jack Dorsey made it known, “There are clear global benefits to cryptocurrencies”, he tweeted. “And great services and businesses will be built upon them. Just a matter of time.” His advantage in understanding bitcoin’s potential is due to having worked in the tech sector, struggling to explain the value of a seemingly abstract way to communicate. There are many similarities to decentralized cryptocurrencies in this regard.
Mr. Dorsey is also CEO of payments platform Square, who recently announced its trial of incorporating bitcoin into its platform.