Key Points
- Bitcoin (BTC) mentions on X social media platform increased by 65% in 2024 compared to 2023.
- Bitcoin discussions peaked with the approval of spot BTC exchange-traded funds and Donald Trump’s victory.
In 2024, the social media network X saw a significant increase in user conversations about Bitcoin (BTC).
The number of posts that included the term “Bitcoin” rose by 65% compared to the previous year, according to data provided by Visibrain.
Bitcoin’s Popularity on Social Media
The surge in Bitcoin mentions occurred in early 2024, aligning with the U.S. Securities and Exchange Commission’s approval of spot BTC exchange-traded funds.
This event led to the management of over $110 billion in investor assets, surpassing the holdings of Bitcoin’s anonymous creator, Satoshi Nakamoto.
Bitcoin conversations on X fluctuated throughout the year, with a noticeable spike when the cryptocurrency hit the $60,000 mark and during the halving event.
The halving, a procedure that occurs every four years, is designed to enhance Bitcoin’s scarcity.
Impact of Political Events on Bitcoin Conversations
In November, Bitcoin mentions on X rallied again, driven by Donald Trump’s Presidential election victory and his promises to transform America into a global crypto capital.
By early December, Bitcoin discussions on social media were nearing levels observed immediately after the approval of spot BTC ETFs.
This surge in conversation coincided with Bitcoin reaching the $100,000 mark for the first time, breaking a significant psychological barrier.
On the day after Christmas, Bitcoin was trading at $95,000, as the festive surge, known as the Santa Rally, began to cool off as the New Year approached.
