Crypto Influencers Doesn’t Affect Bitcoin Price

Everyone in crypto has their opinion. Cryptocurrency itself is an opinion: it is a hedge against the traditional economy, central banks, and how the world now thinks of money.

Do Crypto Twitter Influencers influence the price of Bitcoin?

No! A study says that crypto influencers are not doing much influencing of any kind at all. Researchers say that “Influencers follow the news, not create it,” they analyzed 1.1M tweets by hundred English-language crypto influencers from 2018 to June 2020

“When they start tweeting about a certain coin more often, it’s because its price has changed—not vice versa,” stated in the report.

“All the charts demonstrate more or less the same thing: the ‘mentions’ curve follows the price curve. When the price fluctuates strongly, influencers tend to write about the coin more.”

In this context, “They” referred to Twitter accounts with 10,000 followers who tweet about “the industry as a whole rather than a certain blockchain or project,” at least one tweet a day; are “knowledgeable about crypto and value their reputation;” and have an “active, engaged following.”

BDCenter ended up with 123 accounts with over 30M followers in total.

The major coins in the survey were mentioned at least 138,000 times. However, just 30 influencers account for 70% of the mentions. Tiffany Hayden and Francis Pouliot said crypto many times, and Anthony Pompliano has the most engagement.

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