Bitcoin‘s value experienced a significant dip to under $29,000, sparked by a broader market downturn during a critical Federal Reserve meeting week. Concurrently, Twitter, under its new moniker ‘X’, disclosed intriguing data, positioning ‘crypto’ as the fourth most frequently mentioned term on the platform. This decline follows a period of weakening support for Bitcoin, which failed to maintain its stand above the $66,000 threshold.
Twitter’s Crypto Conversations
Twitter’s official account recently noted an upsurge in the usage of the word ‘crypto’, now ranked as one of the top five words used globally on the platform. The intensity of conversations surrounding cryptocurrency on Twitter suggests a heightened public interest and discourse in the digital currency space. The platform’s daily half-billion posts reflect a diverse array of topics, with ‘crypto’ prominently featuring amid them.
Elon Musk, the high-profile entrepreneur known for his influence in the tech and crypto sectors, humorously hinted at bot activity being responsible for ‘crypto’s’ prevalence on Twitter. Despite his previous enthusiasm for cryptocurrencies like Dogecoin, Musk has recently downplayed their significance, distancing himself from the crypto conversation.
Elon Musk’s Shifting Stance on Crypto
Despite Tesla and SpaceX holding substantial Bitcoin reserves, Musk has maintained that cryptocurrencies no longer occupy a central place in his list of priorities. His dismissive stance continues even as his earlier endorsements of Dogecoin marked significant impacts on the cryptocurrency market. Recent attempts to promote Dogecoin have not resonated as before, with the meme coin failing to achieve milestones like the anticipated physical dispatch to space.
While Musk now appears to be irked by the prominence of crypto discussions on Twitter, Google Trends data tells a different story. Searches for Bitcoin soared to a 12-month high in the week of March 10-16, indicating a broader and sustained interest in cryptocurrency beyond the realms of Twitter. This suggests that the current market sentiments and curiosities extend well beyond the social media platform, capturing the attention of investors and the general public alike.