Social networks influence bitcoin price

Some posts and comments on social networks can raise the price of bitcoin in many times. This was stated by American experts under the leadership of Professor Feng May from the Stevens School of Business.

Before making such conclusions, experts analyzed all the comments left in two years on the most popular bitcoin forum – Bitcointalk. In addition, over 3.4 million posts on Twitter were studied, where this cryptocurrency was mentioned.

All opinions were divided into positive and negative. Also, experts divided users into two groups. Participants in the first group very often and actively discussed bitcoin. And those who fell into the second group and rarely mentioned in their posts and comments this cryptocurrency, called the “silent majority.”

It turned out that the comments and tweets of users from the first, active group had almost no effect on the cost of bitcoin. But immediately after the positive feedback of someone from the “silent majority” bitcoin went up tens of times.

Feng May notes that it is the “silent majority” that is influential and manages the price of bitcoin in social networks.