The strong correlation between Twitter social media network and cryptos remains as interesting as ever in the month of May 2019 with Bitcoin’s price jump at an 8-month high.
Is it really a connection between Bitcoin’s monthly gains in May and some of the largest tweet volumes about Bitcoin in 8 months? Can we draw a set of conclusions from analyzing users’ behavior on Twitter and the complex world of cryptocurrencies?
Some analysts may conclude that Twitter hype is a clear indicator of a growing interest for purchasing Bitcoin, while others only see the infamous FOMO (Fear of Missing Out) intervening after the initial BTC price jump.
All things aside, we do have the Bitcoin’s 60% price jump from May 2019 that took Bitcoin to an 8-month high no one was actually expecting and reaching almost $9,000 for a short period of time.
Though we can find different explanations for the crypto-social media correlation, at the end of the day we have to look at the facts before we can reach some conclusions.
In Twitter’s case, we are definitely looking towards Jack Dorsey who in his CEO position has done a lot to lead Bitcoin’s adoption pace and overall usage across Twitter. Jack Dorsey is not just a simple proponent of cryptos, but an active weekly buyer of BTC who is also looking to convince employees to accept Bitcoin.
Furthermore, Jack Dorsey has played a major part in Bitcoin Lightning Network adoption, a Layer 2 payment protocol built on top of Bitcoin blockchain to enable faster transactions and solve Bitcoin’s scalability issue.
In the end, what better connection between social media and cryptocurrencies can we find but Facebook’s upcoming blockchain network and payment system that will deliver a stablecoin for the world? The so-called GlobalCoin from Facebook has apparently been designed to be used by all Facebook platforms users, including WhatsApp, Messenger and Instagram.
When Facebook’s cryptocurrency will reach the market, any correlation points between social media and digital currencies will become casual conversation topics of our everyday lives.