Popularity of BITCOIN on Twitter Declining?

[teosanru]

Many people say that BTC has grown in adoption and use. But I think despite of this fact the popularity of bitcoin is going downwards. Here is a very interesting graphic I found which shows the number of posts with #Bitcoin on Twitter I think the graph is pretty identical with the price graph.



However I personally think there are two reasons behind the boom which came during the bull run.
1. Bounties & Bounty Hunters: During the Bull run bounty hunting was at its peak and all the bounty hunters participated heavily in twitter campaigns. Most of the tweets had some basic condition to add a few hashtags related to cryptocurrency I think that was the reason why the graph looks so tall during the bull run.

2. Trading Mentors & Media: A lot of hype was also created by all types of media around the world when they continuously posted around regarding bitcoin and how it went to moon. Moreover even every damn trader became a trade mentor because every coin was going up people gave calls blindly and became trading mentor. These mentors were giving calls on daily basis with these usual hashtags relating to bitcoin.

These can be the two reasons why chart shows such a long tower in December 2017.

[AjithBtc]

From the statement of Op if there is a large number of tweets being tagged with bitcoin as well cryptocurrencies then there is massive adoption happening all around. Right now as the tweets have decreased it means there is not much of adoption. These are just information sharing, but the reality is different. To experience the reality you need to take a survey with equal number of participants around the globe and Twitter is not the way to determine the adoption level of bitcoin.

[Upgate]

I would touch a bit on the bounty and bounty hunters this favours altcoin more even during the bullish market era there where alot of traffic done by bounty hunters on twitter to get weekly stacks but since bitcoin was the biggest fish in cryptocurrency and was doing greatly also at that period it benefited from the actions

[hatshepsut93]

1. Bounties & Bounty Hunters: During the Bull run bounty hunting was at its peak and all the bounty hunters participated heavily in twitter campaigns. Most of the tweets had some basic condition to add a few hashtags related to cryptocurrency I think that was the reason why the graph looks so tall during the bull run.

2. Trading Mentors & Media: A lot of hype was also created by all types of media around the world when they continuously posted around regarding bitcoin and how it went to moon. Moreover even every damn trader became a trade mentor because every coin was going up people gave calls blindly and became trading mentor. These mentors were giving calls on daily basis with these usual hashtags relating to bitcoin.

Bounties don't usually require participants to include #bitcoin in their tweets, so I think this factor is fairly negligible. This chart is quite similar to google trends, and we already know that public interest is tied to Bitcoin's price movements, so there's nothing unexpected here.

But it's also not a perfect evidence for making any judgements about Bitcoin's adoption. When I pay for something with my money, I don't rush to Twitter to post #cash or #visa, so I assume people who use Bitcoin don't do it either.

[teosanru]

1. Bounties & Bounty Hunters: During the Bull run bounty hunting was at its peak and all the bounty hunters participated heavily in twitter campaigns. Most of the tweets had some basic condition to add a few hashtags related to cryptocurrency I think that was the reason why the graph looks so tall during the bull run.

2. Trading Mentors & Media: A lot of hype was also created by all types of media around the world when they continuously posted around regarding bitcoin and how it went to moon. Moreover even every damn trader became a trade mentor because every coin was going up people gave calls blindly and became trading mentor. These mentors were giving calls on daily basis with these usual hashtags relating to bitcoin.

Bounties don't usually require participants to include #bitcoin in their tweets, so I think this factor is fairly negligible. This chart is quite similar to google trends, and we already know that public interest is tied to Bitcoin's price movements, so there's nothing unexpected here.

I know that bounty didn't want participants to include #bitcoin irrespective of that most of the participants did used such hashtags as everyone knows that using hashtag is a pretty common way to increase engagement of your post and when you are in world of cryptocurrencies what can be a better hashtag than #bitcoin?

But it's also not a perfect evidence for making any judgements about Bitcoin's adoption. When I pay for something with my money, I don't rush to Twitter to post #cash or #visa, so I assume people who use Bitcoin don't do it either.

You definitely don't but cash and visa have been with us for years there is nothing like hype with it. I am sure people do tweet whenever a new apple phone in unveiled similarly new technology when reaches to new people they do try to create some buzz for it. I am not saying this is directly proportional but you can't deny such a decline doesn't justifies mass adoption.

[SummerBliss]

From the statement of Op if there is a large number of tweets being tagged with bitcoin as well cryptocurrencies then there is massive adoption happening all around. Right now as the tweets have decreased it means there is not much of adoption. These are just information sharing, but the reality is different. To experience the reality you need to take a survey with equal number of participants around the globe and Twitter is not the way to determine the adoption level of bitcoin.

I quite agree with the OP on adoption part. When we say adoption, we actually talking about the new people entering the crypto market.
The rise in 2017-18 shows that interest in Bitcoin has grown all over the world and bitcoin was getting new users who were actively tweeting and reading about bitcoin. Fast-forward to present, although we can't assume that existing users are leaving market but the decrease in interest on social media sites shows that new users are not entering market in the same number as were in 2017-18.

[Ryker1]

However I personally think there are two reasons behind the boom which came during the bull run.
1. Bounties & Bounty Hunters: During the Bull run bounty hunting was at its peak and all the bounty hunters participated heavily in twitter campaigns. Most of the tweets had some basic condition to add a few hashtags related to cryptocurrency I think that was the reason why the graph looks so tall during the bull run.

Well, I don't know if bounty program will include bitcoin in their tweet because usually the name of their project and the word "EIO/ICO".
Probably the majority of bounty hunters was stopped in promoting project made on bounty program. Because of usaully in the year 2017, all projects are failed and did not list on exchange. This is what I have noticed, if bitcoin will pump up there are many ways to find and resolve.

[dentolas]

This is interesting, nevertheless the points raised by other users are valid ... tweeter hashtag use doesn't easily connect to BTC adoption
Don't see the recent bump to 11k reflected on the chart...
Maybe crypto users are also jumping to other social apps? there are several tokenized ones for example...

[teosanru]

From the statement of Op if there is a large number of tweets being tagged with bitcoin as well cryptocurrencies then there is massive adoption happening all around. Right now as the tweets have decreased it means there is not much of adoption. These are just information sharing, but the reality is different. To experience the reality you need to take a survey with equal number of participants around the globe and Twitter is not the way to determine the adoption level of bitcoin.

I quite agree with the OP on adoption part. When we say adoption, we actually talking about the new people entering the crypto market.
The rise in 2017-18 shows that interest in Bitcoin has grown all over the world and bitcoin was getting new users who were actively tweeting and reading about bitcoin. Fast-forward to present, although we can't assume that existing users are leaving market but the decrease in interest on social media sites shows that new users are not entering market in the same number as were in 2017-18.

Exactly what I am trying to say there might not be a very direct relationship but surely not many new users are coming to cryptos

However I personally think there are two reasons behind the boom which came during the bull run.
1. Bounties & Bounty Hunters: During the Bull run bounty hunting was at its peak and all the bounty hunters participated heavily in twitter campaigns. Most of the tweets had some basic condition to add a few hashtags related to cryptocurrency I think that was the reason why the graph looks so tall during the bull run.

Well, I don't know if bounty program will include bitcoin in their tweet because usually the name of their project and the word "EIO/ICO".
Probably the majority of bounty hunters was stopped in promoting project made on bounty program. Because of usaully in the year 2017, all projects are failed and did not list on exchange. This is what I have noticed, if bitcoin will pump up there are many ways to find and resolve.

Yes most of them failed after year 2017 which is why you can clearly see the bounty hunters too vanished from the forum and so did the great tower which you can see on the chart. This can be a possible relationship too that buzz created solely by bounty hunters was enough to take this chart to that heights.

This is interesting, nevertheless the points raised by other users are valid ... tweeter hashtag use doesn't easily connect to BTC adoption
Don't see the recent bump to 11k reflected on the chart...
Maybe crypto users are also jumping to other social apps? there are several tokenized ones for example...

What I am talking here about is not price. I am not saying that every pump leads to higher number of tweets and every dump leads to lowers instead what I am building is a comparison between adoption of bitcoin then and now. Moreover the charts show too much of deviation clearly not that many people have moved from twitter to other social apps otherwise twitter would have been quite barren. I already said during the bull run apart from price rise lot of people joined in bounty hunter created buzz that is why line during that tenure bounced so much on the charts.

[pereira4]

What no one pointed out is that were there tons of BOTS and scams, typically impersonating famous people, trying to get people's coins back then. As usual, scams and bots naturally go away as BTC price goes down. They will be back on track during the next bull run, which will skyrocket the charts of popularity, coupled with the actual increased organic traffic.

It's like a snowball effect of: higher price ->increased hashrate -> increased security ->headlines popping around how BTC is going for ATH -> opportunist scammers pumping the price even more and scamming people on the internet to steal their bitcoins -> more and more traffic

This spiral ends with a crash, and we have an higher floor, rinse and repeat. (Even tho floors will become after smaller and smaller crashes across time)

[hatshepsut93]

You definitely don't but cash and visa have been with us for years there is nothing like hype with it. I am sure people do tweet whenever a new apple phone in unveiled similarly new technology when reaches to new people they do try to create some buzz for it. I am not saying this is directly proportional but you can't deny such a decline doesn't justifies mass adoption.

This type of charts only show us how popular are discussions about the term, not the term itself. Take for example "facebook" on google trends - it had two peaks in 2010 and 2012 and today it's 70% down relatively to those peaks. With your logic you would reach a conclusion that Facebook's adoption has declined, but it's actually the opposite - more and more people use Facebook each month, and Facebook's revenue goes through the roof.

[teosanru]

What no one pointed out is that were there tons of BOTS and scams, typically impersonating famous people, trying to get people's coins back then. As usual, scams and bots naturally go away as BTC price goes down. They will be back on track during the next bull run, which will skyrocket the charts of popularity, coupled with the actual increased organic traffic.

It's like a snowball effect of: higher price ->increased hashrate -> increased security ->headlines popping around how BTC is going for ATH -> opportunist scammers pumping the price even more and scamming people on the internet to steal their bitcoins -> more and more traffic

This spiral ends with a crash, and we have an higher floor, rinse and repeat. (Even tho floors will become after smaller and smaller crashes across time)

Yes nice addition I almost forgot about the impacts of bot which most of the bounty hunters used too. Along with that most of the ICO handling pages used these bots too. This way they could get much more engagement on their coin. I liked your snowball effect comparison though .

You definitely don't but cash and visa have been with us for years there is nothing like hype with it. I am sure people do tweet whenever a new apple phone in unveiled similarly new technology when reaches to new people they do try to create some buzz for it. I am not saying this is directly proportional but you can't deny such a decline doesn't justifies mass adoption.

This type of charts only show us how popular are discussions about the term, not the term itself. Take for example "facebook" on google trends - it had two peaks in 2010 and 2012 and today it's 70% down relatively to those peaks. With your logic you would reach a conclusion that Facebook's adoption has declined, but it's actually the opposite - more and more people use Facebook each month, and Facebook's revenue goes through the roof.

Excellent point, can you please share some graph or chart from a reliable source or a link to some google analytics? I don't mean to defy you but that would definitely look a bit more reliable. Even though if it's true then your point hold's perfectly valid. Facebook is increasing at a never ending phase. I am surprised it's engagement as per google trends going down please share some links would love to see a few.

[electronicash]

those are just the trending tweets that are declining. only few are retweeting these days because the thrill is gone. but once its rekindled when later the price will be pumped all those who hold BTC will come running back again twitting "living like a king with BTC!" while they only bought about 0.05BTC  

one day no one will tweet about btc for they will be monitored by the IRS. and then you look at the chart again to see if the price resembles the tweets.

[hatshepsut93]

Excellent point, can you please share some graph or chart from a reliable source or a link to some google analytics? I don't mean to defy you but that would definitely look a bit more reliable. Even though if it's true then your point hold's perfectly valid. Facebook is increasing at a never ending phase. I am surprised it's engagement as per google trends going down please share some links would love to see a few.

Google trends - https://trends.google.com/trends/explore?date=all&q=facebook

I have switched to Worldwide instead of the US, so there's only one peak - 2012, and the decline is even bigger.

Facebook's stock - https://www.nasdaq.com/market-activity/stocks/fb (switch to max)

It's clearly going in the opposite direction of google trends.

Facebook's daily active users - https://www.statista.com/chart/10047/facebooks-monthly-active-users/

Basically same trend as FB's stock.

[adzino]

Many people say that BTC has grown in adoption and use. But I think despite of this fact the popularity of bitcoin is going downwards. Here is a very interesting graphic I found which shows the number of posts with #Bitcoin on Twitter I think the graph is pretty identical with the price graph.

-snip-

However I personally think there are two reasons behind the boom which came during the bull run.
1. Bounties & Bounty Hunters: During the Bull run bounty hunting was at its peak and all the bounty hunters participated heavily in twitter campaigns. Most of the tweets had some basic condition to add a few hashtags related to cryptocurrency I think that was the reason why the graph looks so tall during the bull run.

2. Trading Mentors & Media: A lot of hype was also created by all types of media around the world when they continuously posted around regarding bitcoin and how it went to moon. Moreover even every damn trader became a trade mentor because every coin was going up people gave calls blindly and became trading mentor. These mentors were giving calls on daily basis with these usual hashtags relating to bitcoin.

These can be the two reasons why chart shows such a long tower in December 2017.

I don't see any difference to be honest. We just had a sudden rise of the hashtag at the end of 2017 till mid of 2018. This is probably because of the constant rise of the price of bitcoin to all time high $20,000 USD. Everyone started to make a fuss about it (and started to compare it with the tulip mania as far as I remember and people defending that its not a bubble and stuffs) and then when the price started to drop the hashtags also fell. The middle spike can be considered as a unexpected event. Assuming that event never occurred, you will see that we are still on the same level of popularity.

[mr3dds]

I see that the curve is focusing on #bitcoin. What about #crypto and related #

I am nearly not following bitcoin at all, but I am very interested in crypto and I think there are more people like me. Bitcoin is out of my reach. Or I came to late and can't afford 10000$ for one coin.

[Artemis3]

1. Bounties & Bounty Hunters: During the Bull run bounty hunting was at its peak and all the bounty hunters participated heavily in twitter campaigns. Most of the tweets had some basic condition to add a few hashtags related to cryptocurrency I think that was the reason why the graph looks so tall during the bull run.

2. Trading Mentors & Media: A lot of hype was also created by all types of media around the world when they continuously posted around regarding bitcoin and how it went to moon. Moreover even every damn trader became a trade mentor because every coin was going up people gave calls blindly and became trading mentor. These mentors were giving calls on daily basis with these usual hashtags relating to bitcoin.

Bounties don't usually require participants to include #bitcoin in their tweets, so I think this factor is fairly negligible. This chart is quite similar to google trends, and we already know that public interest is tied to Bitcoin's price movements, so there's nothing unexpected here.

But it's also not a perfect evidence for making any judgements about Bitcoin's adoption. When I pay for something with my money, I don't rush to Twitter to post #cash or #visa, so I assume people who use Bitcoin don't do it either.

Indeed. Social media is worthless for measuring adoption. You should at best check blockchain movements, basically the number of transactions to know if people are using it or not, which by the way, is unrelated to people holding, those coins are not expected to move after they land in their cold wallet, for a long time.

Also Twitter is not the world, many people don't use it, i certainly don't except rarely to read some important people comments they don't make elsewhere.

Finally Twitter now belongs to someone who is trying to launch his own coin. Conflict of interest? Remember when that same person banned Bitcoin from his other social media outlet? Its best to disregard this "data" completely.

[yazher]

I think the reason behind the low bar on 2018-2019 is the massive purged made by twitter last time, almost all of the account that related to cryptocurrencies has got their account suspended and most of those twitter accounts didn't get their account back. so there are only a few left now and some of them not active anymore on the campaign.

If they didn't make a Twitter purged last time, I'm sure that the graph will not look the same as it is. because before the purged there was a huge number of bounty participants who actively tweet cryptocurrencies related. but now as you can see for yourself, there are only a few of them base on that graph.

[Velkro]

Many people say that BTC has grown in adoption and use. But I think despite of this fact the popularity of bitcoin is going downwards. Here is a very interesting graphic I found which shows the number of posts with #Bitcoin on Twitter I think the graph is pretty identical with the price graph.

Google is more viable source here because twitter is mostly used by spam bots with #bitcoin hashtag.
When bots don't turn in profit they are turned off. This is the case mostly i bet.
There were too many #bitcoin price reporting every minute or other spam accounts.

[ice098]

Many people say that BTC has grown in adoption and use. But I think despite of this fact the popularity of bitcoin is going downwards. Here is a very interesting graphic I found which shows the number of posts with #Bitcoin on Twitter I think the graph is pretty identical with the price graph.



However I personally think there are two reasons behind the boom which came during the bull run.
1. Bounties & Bounty Hunters: During the Bull run bounty hunting was at its peak and all the bounty hunters participated heavily in twitter campaigns. Most of the tweets had some basic condition to add a few hashtags related to cryptocurrency I think that was the reason why the graph looks so tall during the bull run.

2. Trading Mentors & Media: A lot of hype was also created by all types of media around the world when they continuously posted around regarding bitcoin and how it went to moon. Moreover even every damn trader became a trade mentor because every coin was going up people gave calls blindly and became trading mentor. These mentors were giving calls on daily basis with these usual hashtags relating to bitcoin.

These can be the two reasons why chart shows such a long tower in December 2017.

Im not sure but I think that December  2017- Jan 2018 peak is the date when bitcoin has its highest value in history. Yes bounty hunters affect that , we make a trending news due to our happiness and also due to the bounty that we belong. Media and traders also tweets as well and in that case we produce a very hot topic that even a non crypto can read and notice , we create confusion that leads them to buy crypto.