In the year 2024, coinciding with the explosion of interest in Bitcoin on the social media platform X, formerly known as Twitter, approximately 140 million posts about the cryptocurrency have been tagged and analyzed by the social listening protocol Visibrain.
A year ago, Bitcoin mentions were far less than they are now, meaning there has been a surge of 65% in mentions of Bitcoin, illustrating that the world’s largest digital asset is drawing a lot more interest now than it did a year ago.
Bitcoin’s ETF Approval Fuels Surge in X Mentions
The analysis found a surge in Bitcoin chatter with key market events, such as the U.S. Securities and Exchange Commission approving spot Bitcoin exchange-traded funds (ETFs). Investor assets in these Bitcoin ETFs exceeded $110 billion, tagging along with estimates of the amount held by Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
In early December, Bitcoin’s value crossed the six-figure mark for the first time, and the resulting social media activity was frenetic. As Bitcoin crossed above $100k, over 1 million posts on X were published expressing a psychological breakthrough for investors and enthusiasts alike. But by Boxing Day, Bitcoin retraced slightly back to $95,000 as ‘Christmas Rally,’ of sorts, cooled.
Bitcoin mentions on X were not evenly distributed throughout the year. After the spot ETF approvals in early 2024, social sentiment surged and then fell off within months. Barely major price points like Bitcoin hitting $60,000 and halvings the quadrennial reduction in block reward meant to drive Bitcoin’s scarcity higher brought spikes in activity.
This wave of enthusiasm arrived in November with the election of Donald Trump as U.S. President. The rise of Trump’s campaign promises for the establishment of the United States as a global leader in cryptocurrency innovation rekindled optimism in the space, and Bitcoin made its way back into the conversations.
Bitcoin’s continued centrality in the crypto market is shown by the year’s robust social media engagement. On the cusp of 2024, in the years that have followed the rise and fall of 2017, the parallel between regulatory drives, market markers, and wider economic tides etched Bitcoin’s emergence by one continuous marker into the annals of popular culture and economic reality.
