Today we are going to talk about the “Bitcoin opinion leaders” who are making you and me go crazy on social media, or what we usually call “Internet celebrities”. After all, in this ever-changing world of digital currency, their tweets may make your investment account happy, or you may wake up to find that the leeks have been cut again.
A complete decryption of 115 million tweets: Who is behind it?
Someone came up with a great idea and decided to look through 115 million Bitcoin-related tweets posted between 2009 and 2022. What does this mean? This means that they have almost gone through all the Bitcoin "chatter" on Twitter (now called X) to find out the truly influential "big names" and see how they affect the Bitcoin market.
You know, in this market full of ups and downs, every tweet can cause an earthquake. Those "big names" who are picked out are called "Bitcoin Opinion Leaders" (BOL). Their tweets are not only after-dinner conversations, but also powerful weapons that can influence market sentiment.
How to identify the "big V" in the Bitcoin world? ——Six indicators revealed
These BOLs were not chosen randomly; the researchers used six metrics to score them:
Audience engagement: Simply put, it is how many people like, retweet and comment on their tweets.
Niche alignment: Are they die-hard Bitcoin fans or are they fence-sitters?
Reputation: What do the big guys think of them? Do they have the credibility to keep their word?
Audience coverage: How far can their voices reach? How many people are listening to their "insights"?
Activity: Are these people online all the time? How often do they tweet?
Consistency: Are their opinions consistent, or do they change with the wind?
As long as a person meets at least three of these six criteria, he or she will be named a “Bitcoin opinion leader” or “Internet celebrity”.
BOL's eight factions: the heroes of Bitcoin
The study found that a total of 218 people were listed as "opinion leaders" in the Bitcoin community. These people were divided into eight major schools, and their "martial arts skills" were also different.
Bitcoin Maximalists (Tone Vays): Loyal believers in Bitcoin, they only care about Bitcoin and everything else is just a passing fancy.
Crypto All-Star (Vitalik Buterin): He is a big shot in the entire crypto field. He not only understands technology, but also plays the market well.
Billionaire magnet (Elon Musk): He has a lot of money and can make the Bitcoin price go on a roller coaster with just a tweet.
Engagement Master (Lark Davis): Very active with fans and has an incredibly high level of interaction with his tweets.
Bitcoin Dialogue (Tiffany Hayden): Good at chatting with everyone about Bitcoin and active at the forefront of discussions.
Stubborn Expert (Elizabeth Stark): A technical representative who doesn’t easily compromise and has her own professional opinions.
Invisible influencer (Plan B): A mysterious figure who is hard to find. He posts “magic predictions” anonymously, but always gets them right.
Adversarial interlocutor (Peter Schiff): A Bitcoin hater who pours cold water on Bitcoin, but also makes people pay attention.
The love-hate relationship between tweets and Bitcoin prices
Between 2009 and 2022, the relationship between the tweets of these opinion leaders and the changes in Bitcoin prices is as close as that between a “weather forecast” and a “storm”. Next, let’s look at a few typical examples.
Elon Musk: The market was shaken by the tweet
Elon Musk, the billionaire and Twitter maniac, is a "spoiler" in the Bitcoin market with his tweets. In 2021, his tweet that "Tesla bought $1.5 billion worth of Bitcoin and plans to accept Bitcoin payments" caused the price of Bitcoin to soar to an unprecedented height, almost breaking through the ceiling.
But things change. A few months later, he suddenly posted another message saying: "Oh, sorry, Bitcoin has too much impact on the environment, Tesla no longer accepts Bitcoin payments." As a result, the price of Bitcoin plummeted from the sky like a deflated balloon.
Michael Saylor: A 'firm believer' in Bitcoin
If Musk is a market "disruptor", then Michael Saylor is a "firm believer" in Bitcoin. He is not only the CEO of MicroStrategy, but also invests a lot of company funds in Bitcoin. His tweets always emphasize the long-term value of Bitcoin, which boosts the market.
In 2020, he announced that the company had bought 21,000 bitcoins. This tweet started a months-long rise in the price of Bitcoin, which increased several times.
PlanB: The mysterious “market prophet”
Let's take a look at PlanB, an anonymous Bitcoin influencer whose "Stock-to-Flow" model predicts the future trend of Bitcoin. Although his identity is mysterious, every time he updates his model predictions, the market will set off a wave of discussion. Many investors regard his tweets as a market vane and once believed that his predictions could guide investment directions.
Peter Schiff: Bitcoin’s “old enemy”
Finally, we have to mention Peter Schiff, the veteran Bitcoin "critic". Every time the price of Bitcoin rises, he will jump out and pour cold water on it, saying that Bitcoin is a "bubble" and a "scam". Although his words often make Bitcoin supporters sneer, his negative comments can trigger short-term market fluctuations, and sometimes even cause a small price correction.
Beware of being “ripped off”: How to deal with the influence of opinion leaders
As a Bitcoin investor, you may have realized that the tweets of these opinion leaders should not be underestimated. Their words may make your investment gains soar, or they may cause you to lose a lot of money overnight. So, how can we deal with these influences?
Calm analysis: Don’t blindly follow the crowd, carefully analyze the motivations and background of opinion leaders. Are their opinions in line with the long-term trend of the market?
Diversify your investments: Don’t put all your money on Bitcoin. Diversifying your investments can reduce risk.
Long-term perspective: Don’t be scared by short-term fluctuations, be firm in your judgment of the market, and maintain a long-term vision.
In short, the Bitcoin market is full of opportunities and challenges. You can listen to the advice of these "big names", but don't forget to keep your own judgment. After all, in this turbulent market, the one who laughs last is the winner. $BTC