Skip to Main Content

Social media impact on Bitcoin value

  • Mar 6, 2019
Social media impact on Bitcoin value

Bitcoins in a pile

Ivey’s Xin (Shane) Wang is part of a research team examining the drivers of the future value of Bitcoin. They find that an important driver of future value of the Bitcoin currency is the discussion about it on social media. Online discussions on forum posts are associated with higher future Bitcoin values, and relative to tweets about Bitcoin, forum posts have a stronger impact. Social media’s effects on Bitcoin are driven primarily by the silent majority, the 95% of users who are less active and whose contributions amount to less than 40% of the total messages. Wang and his colleagues show that social media sentiment is an important predictor in determining Bitcoin’s valuation, but not all social media messages are of equal impact

Mai, Feng and Shan, Zhe and Bai, Qing and Wang, Xin (Shane) and Chiang, Roger, How Does Social Media Impact Bitcoin Value? A Test of the Silent Majority Hypothesis (November 6, 2017). Journal of Management Information Systems, 35(1), 19-52, 2018. Available at SSRN: or