Crypto Twitter Reflects South America Is Least Interested In Bitcoin Despite Increased Trading Volumes
Social media has become an integral part of the majority of the world, and these social media platforms are often used as a parameter to reflect on the sentiments of the public on a particular topic or issue. Bitcoin, the decentralized digital currency's influence and Sentiment of the public toward it is often compared with the Twitter activity of the community regarding the same.
As per a recent analysis conducted by The Tie, a digital currency trading data platform published a report based on last week's Twitter activity, which took into consideration the top 5 cryptocurrencies by market cap, and the sentiment of the general public towards it.
The report titled: “The Geography of Crypto Twitter: An In Depth Look at Bitcoin, Ethereum, Litecoin, XRP, and Bitcoin, Cash' measures the popularity of these digital currencies based on the Twitter activity of the users in different regions of the world.
As per the analysis, the people in the United States dominate the list on who is talking about Bitcoin and discourses of the decentralized world. The United Kingdom comes a close second on the same parameter, however, the most surprising part of the analysis is that most of the South Americans are not that interested in Bitcoin than what most of the world believe.
The harshest critics on Bitcoin came from several regions of South America against the notion that South Americans have the highest interest in the crypto world. The data says most of the Twitter activity surrounding the top 5 cryptocurrencies came from the US and the UK, which was definitely not a big surprise.
However, things get interesting towards the lower half ranking nations, where for activities related to Bitcoin, Canda, India and Australia ranked fourth, fifth and sixth respectively. For ethereum, it's China, Russia and India. For Ripple's XRP, it's Australia, Holland and Canada. For Litecoin, it's Canada, Australia and India. And for Bitcoin Cash, it's India, Australia and the Philippines.
Bitcoin is not Just Crypto Market King, it's the Twitter King As Well
Bitcoin being the pioneer has been crypto King in all aspects from the beginning, be it the propagator of price movements, both up and down in the crypto market or daily trading volume.
The same is true for Twitter as well, where Bitcoin featured in a massive 113,685 tweets in the last week itself. The report also mentions that these massive tweet inflow for Bitcoin was registered from over 206 countries around the world.
The report did not just took the number of tweets for a coin into consideration, but also the sentiment of those tweets whether it is positive or negative. And, surprisingly Litecoin wins the race when it comes to positive sentiment of the general public towards a particular cryptocurrencies. Litecoin was followed by another surprising candidate XRP and then came Ethereum followed by Bitcoin and Bitcoin Cash.
Sentiment of Public Towards Top 5 Crypto Country Wise
The report went on to distinguish the sentiments of the public country wise as well. For Bitcoin, the most positive tweets came from Peru accounting for 93.1% of total positive tweets.
But apart from Peru most of the other South American nations are not all that pro-bitcoin as visible from the massive difference. Most of the other South American Nations including Ecuador, the Dominican Republic, Brazil, Argentina, and even the supposed Bitcoin hotspot, Venezuela ranked amongst those most critical of the crypto asset.
While the likes of Venezuela and other struggling economies of South America has benefited largely with the insurgency of Bitcoin, the Twitter sentiment does not reflect the same. It might also be because of the fact that most of the real Bitcoin users whose life has been positively affected might not have the luxury to use the internet connection for praising or bashing Bitcoin.
Surprisingly Bitcoin Cash which has seen the biggest surge in prices this year was the least discussed crypto on Twitter last week. However, the only saving grace for the controversial Bitcoin Cash came from the US and the UK. Coincidentally these two countries were the only ones who were quite optimistic about the project among the top crypto in consideration.
While crypto Twitter activity might not be the right parameter for judging the popularity of a digital currency, the recent survey conducted by The Tie is not another Twitter activity rankings, as it took several sentiments into consideration too.
While the United States topping the chart for most crypto related activity was not a big surprise, the pessimism of South American nations were quite a surprise.
Another interesting thing to note here is the Indian crypto community's presence. India has been facing the crypto dilemma for quite some time now, with continuous postponement of decision on crypto regulation. This survey must act as a reflection on the interest of the public for the lawmakers.