2021 marks a historical milestone for Bitcoin (BTC) as never in its existence has the biggest cryptocurrency been mentioned on Twitter as it has in the year we are leaving behind.
More than merely the price of Bitcoin (BTC) has risen as a result of this year’s phenomenal bull run. As the world’s most valuable cryptocurrency drew near its all-time high, all eyes were on Bitcoin (BTC).
This is particularly clear when looking at social media posts, which reveal a significant rise in the amount of public attention Bitcoin (BTC) received in 2021.
During this year there were 101 million tweets that included the word “bitcoin” according to statistics from analytics firm Visibrain. The frequency and volume of Bitcoin (BTC) tweets compared to 2020 has increased by a staggering 350%.
— Jameson Lopp (@lopp) December 26, 2021
On the one hand, the rise in the number of individuals growing conscious of cryptocurrencies and blockchain overall could explain the steep spike in social media attention Bitcoin (BTC) has received over the last year. The market’s massive changes, on the other hand, could be a key contributor.
In 2021, each month brought about shocking news of the cryptocurrency industry that deeply affected the price of Bitcoin (BTC). Social media was exploding with mentions of Tesla’s $1.5 billion Bitcoin (BTC) acquisition at the start of February. Another rise in references occurred in March when the company revealed it would take payments in Bitcoin (BTC).
When Tesla took the decision to ban Bitcoin (BTC) purchases two months later, the dramatic surge was overcome. Another social media cascade erupted when Chinese Bitcoin miners left the country during the same time due to China imposing a vicious crackdown on miners which were forced to relocate which brought about a dual increase of mentions and mining difficulty.
The most exciting news over the summer was El Salvador recognizing Bitcoin (BTC) as legal tender for the first time ever.
It is safe to say that as Bitcoin (BTC) was reaching all-time highs and gracefully handling the lows, it has been a spectacular year for the crypto industry.