A new study reveals that US Twitter users dominate the global discussion on bitcoin, with an overall positive sentiment. While the United States contributes a higher proportion of tweets related to Facebook's libra, the majority of conversation is negative, adding to a sinking sentiment.
US and UK Rank Top in Bitcoin Twitter
On July 3, crypto trading platform The Tie published a tweet thread showing their latest research into the geographic breakdown of cryptocurrency on Twitter.
Overall, the study found that 38.9 percent of total bitcoin-related tweets come from the US, with the UK contributing the second most at 10.5 percent. Canada, Turkey, and India rounded out the top five, with Australia following just behind.
5/— The TIE (@TheTIEIO) July 4, 2019
To put into perspective how much the US dominates crypto twitter conversations we created a map showing the geographic distribution of Bitcoin tweets across the globe over the last 24 hours.
The blacker the country the more tweet volume it has. pic.twitter.com/caQkuuWuHY
The study also examined sentiment towards cryptocurrency based upon the positive or negative tone of tweets. Peru was determined to be the most positive on average when talking about bitcoin among countries contributing at least 0.5 percent of the total conversation. Malaysia, Indonesia, Vietnam, and Italy joined Peru in being the most positive countries towards crypto.
US Twitter users were also found to be “extremely positive” towards bitcoin, with 61.5 percent of tweets determined as upbeat. Overall, the global Twitter conversation around bitcoin has been supportive, with 59.8 percent of total tweets recorded as positive.
Venezuela was determined to have the most negative posts, with 62 percent of tweets finding bitcoin unfavorable.
11/— The TIE (@TheTIEIO) July 4, 2019
Finally we mapped countries by whether or not Tweets on Bitcoin within those countries tended to be positive or negative, the result is the map below. pic.twitter.com/PniHQ5PZgR
Negative Sentiment Towards Libra
Like bitcoin, the US dominates Twitter conversations about Facebook’s libra.
7/— The TIE (@TheTIEIO) July 4, 2019
Interestingly, the United States represents an even larger proportion of Libra Coin tweets 43.8% than BTC 39.8%.
Like Bitcoin, the UK has the second most tweets on Libra. The UK is followed by France, Canada, and Australia as the country with the most Libra tweets.
The study found that US Twitter users account for 43.8 percent of tweets related to libra--an even larger global proportion than bitcoin. The UK once again took second place in discussions about Facebook’s coin, with France, Canada, and Australia joining the top 5.
However, compared to bitcoin, the majority of tweets about libra were determined as negative. While The Tie reports that initial sentiment was positive when news of Facebook’s coin first broke, they found 54.8 percent of total libra-related tweets to be negative.