The New Social Currency: a report on the mainstream rise of cryptocurrency through the lens of social data
As we move through 2018, the aggregate value of cryptocurrency – digital currencies issued and secured through decentralized software and encryption – is nearing $500 billion.
In this cryptocurrency research report, we delved into the data exploring discussions across social media channels, totalling nearly 5 million mentions around crypto buzz to shed light on the hype from a completely new angle. We focused on the following research questions such as: To what extent is the “mainstream” social audience aware of, and genuinely interested in, cryptocurrency?
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Major banks are establishing cryptocurrency units. Coinbase, a crypto exchange platform, surged to the top of the U.S. App Store chart and briefly held the #1 ranking. And whether it be in a business meeting, an elevator, or at a cocktail party, it seems nearly impossible to escape weekly Bitcoin conversation.
We find ourselves operating in a world in which our politics, our news, and now, perhaps, our money, is facing a new reality. Some are convinced that cryptocurrency is the next great disruptive technology. Others are concerned with speculative behavior in the space and warn of a bubble, though many of these sceptics also concede that crypto may fundamentally change the way we store value, exchange money, and validate transactions in the long-term. Uncertainty abounds.
What’s clear is that we are nearing an inflection point where cryptocurrency, particularly Bitcoin, will enter the consciousness of the mainstream. To measure cryptocurrency interest and adoption we could examine price data, trading volume, market capitalization, the hash rate on the Bitcoin network, etc. Yet these figures mostly focus on the small sliver of the population who are innovators or early adopters in the crypto game. The fringes are already well-documented.
Our curiosity, in this case, lies with the mainstream, pushing us to take a different approach, analyzing recent social media conversation and audience data.
Download the full report to find out what we learned