Analyzing the data for the last two years the researchers came to the conclusion that the impact of social networks on the rate of cryptocurrencies is underestimated. But the most active participants of the discussions about bitcoin turned out to be the least productive.
As ScienceDaily reports, the group of the scientists from the Stevens School of Business in the US under the leadership of Professor Feng Mai researched how the comments and posts on social networks affect the price of bitcoin. The results showed that the activity of the users could increase the rate of the cryptocurrency in dozens of times.
To find out it, the scientists collected and analyzed the comments of the users of the popular Bitcointalk forum for a two-year period as well as more than 3.4 million posts where bitcoin is mentioned on the Twitter social network. Dividing the comments into the positive and negative ones as well as dividing the users into the active discussion participants and the «silent majority» who rarely mentioned bitcoin they found that any comments and tweets from very active users had had almost no effect on the growth of the price of the cryptocurrency. But with the positive statements of the «silent majority» the price of bitcoin increased in dozens of times!
Feng May suggests that the «silent majority» are influential people who actually control the cost of bitcoin. And therefore with all the rarity of their statements the main focus of the crypto-investors is focused to them because their «silence» is explained not by the lack of interest to the cryptocurrency but because they simply do not have so much time to express regularly on social networks – these people earn money.
Including on bitcoin.
Get exclusive access content and events