Study finds Twitter influencers impact Bitcoin prices By  |  Editor Ambhini Aishwarya

Published Nov 20, 2023 06:34AM ET

A recent study by Johannes Gutenberg University Mainz researchers revealed a significant link between Twitter influencers and Bitcoin price fluctuations. The study, which analyzed over 115 million tweets from 2009 to 2023, created an Opinion Leader Index to identify key opinion leaders (BOLs) in the cryptocurrency space, including well-known figures like Michael Saylor and Anthony Pompliano.

The researchers categorized these BOLs into eight distinct archetypes, such as Bitcoin Maximalists and Crypto All-Stars, using the Linguistic Inquiry and Word Count (LIWC) Software. This analysis highlighted distinct communication styles among the influencer groups and showed a noteworthy correlation between their tweet activities and Bitcoin price movements. Public engagement metrics further underscored the high interaction rates with these influencer accounts.

These findings not only elucidate the role of decentralized systems in shaping digital markets but also emphasize the growing importance of blockchain technology in academic research related to market management. The insights from this comprehensive study are set to be presented at the upcoming Hawaii International Conference on System Sciences as part of the Management and Digital Transformation group’s examination of how management interfaces with digital technologies like blockchain.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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