Consumer researchers have concluded that general support for cryptocurrency is incredibly high.
Comparitech, a firm devoted to research and consumer-centric issues, crunched the data on over 48,000 Reddit posts culled from cryptocurrency subreddits and found that more than 85% of all sentiment was positive.
That's not particularly surprising, but other data from Comparitech's study might catch you off guard.
Reddit: The Yelp of Bitcoin
The posts analyzed by the researchers date from January 2017, when Bitcoin retouched $1,000 after four years trolling the gutters for spare change, to July 2019.
Generally speaking, consumers are more likely to express rage online than support. That isn’t the case with cryptocurrency, as the report’s authors point out.
“Previous studies have revealed that people are much more likely to write a negative review than a positive one, in spite of the many positive experiences an establishment may yield. This trend, however, was completely reversed when it came to reviewing cryptocurrencies. Internet talk was overwhelmingly positive in the conversations we examined between January of 2017 and July of 2019.”
A single user might generate dozens of “positive” posts regarding cryptocurrency.
Crypto detractors have always existed and will always exist. One of the most notable communities in this regard is r/Buttcoin, a subreddit devoted to making fun of the often irrational behavior of cryptonaughts.
Reddit's Favorite Cryptocurrency: Libra?
Surprisingly, the “cryptocurrency” with the highest percentage of positive mentions on Reddit is Facebook’s Libra.
Does that mean that Crypto Reddit is ready to adopt the Zuck-Buck? Or do partisans across the market all view it as bullish for their own favorite coin?
Bitcoin does not even rank in the top three. The bigger you are, the more haters you have.
Instead, tight-knit communities like Tron and Cardano populate the upper echelons of positivism. For all that, Bitcoin, which ranks 6th, has never once been unseated as the dominant cryptocurrency.
Despite being the least discussed, the most hated crypto is Tether.
Tether 2017: We promise all Tethers are 100% backed by fiat
Tether 2018: We promise all Tethers are 100% backed by assets
Tether 2019: We promise all Tethers are 74% backed by ______.
Tether 2020: Tethers exist, WE PROMISE NOTHING
— Giancarlo The Tether Whisperer (@CasPiancey) May 6, 2019
Mainstream Media's Negativity Doesn't Mesh With Main Street
Mainstream media expressed a lot more negativity than mainstream people over the same 19 months. According to the data, the International Business Times is the most negative publication as regards cryptocurrency, with over 68% of their articles deemed “negative” by Comparitech.
Sites like CCN were not reviewed due to our “niche” status – the data would not be very useful since we are openly in favor of decentralization, cryptocurrency, and liberty.
“HuffPost and the International Business Times accumulated the most negatively scoring cryptocurrency articles. HuffPost has described conspiracy theories in the industry, while the International Business Times featured the $40 million hack the industry incurred. Of course, the above studies were neither exclusively negative nor positive, and individual writers have their own influence on the topic.”
According to “The Fear & Greed Index for Bitcoin and other large cryptocurrencies,” which was launched in February 2018, greed peaked at an all-time high this June.
June happens to be when Facebook announced its Libra project.
Currently, the fear and greed index stands at 57 out of a possible 100. The market has cooled a bit, and recent scandals regarding Tether, Bitfinex, and Tron have begun to fade to the background.
The data reveals, overall, that your voice does count. Thus sounding off in the comments sections of major media and using sites like Reddit has a definitive effect on the future of cryptocurrency.
Whether you love it or hate it, choose your words carefully – they might just have a serious impact.