Social media has a profound influence on all industries. In particular, the cryptocurrency and blockchain industry has found exponential growth on the back of forums and social media. Since 2009, when the first cryptocurrency was founded, its prevalence within social channels has shifted from small online forums to mainstream social media platform success. The masses have seen and heard about cryptocurrency, with businesses starting to accept crypto as payments. However, there is still a significant opportunity for the relationship between social media and cryptocurrency to grow. You will find a brief overview of the relationship between social media and cryptocurrency below.
Pizza For Bitcoin
When Bitcoin was first introduced, 1 Bitcoin = 0.08 cents, which is significantly lower than its value of 1 Bitcoin = $38,860 at the time of writing. Bitcoin’s value is constantly changing, but there’s no denying that it’s come a long way in the space of 13 years. This exponential growth can be attributed almost entirely to social media.
Back in 2010, on a small forum called Bitcoin Talk, a man named Laszlo Hanyecz posted requesting two pizzas delivered to his house for 10,000 Bitcoins, which has a value of over $300 million today. Although the request was simple, it was enough to ignite cryptocurrency’s enormous social media boom.
Social Media and Crypto Mechanics
In 2021, Pew Research found that 48% of Americans received their news through social media. Therefore, it makes sense that social media has been the primary platform for spreading the word on crypto. All platforms from TikTok to Facebook have social accounts dedicated to cryptocurrency – the linked article has a list of the top crypto TikTok accounts to follow if you’re new to the platform.
As long as positive new content and articles dominate the top of social news feeds, the future of the digital currency is healthy. Unfortunately, negative news enters the social media space, which can negatively impact crypto growth.
The Current Social Media Crypto Landscape
Even though cryptocurrency is starting to see mainstream adoption, social media still has a prominent role. As well as growing the cryptocurrency space, social media is beginning to educate people on blockchain technology and the impact it can have on all industries. If you wish to be updated with news in the blockchain and cryptocurrency space, you must turn to social media. In particular, Reddit is exceptionally active in Bitcoin; the Bitcoin subreddit will teach you everything you need to know on the topic. When you read breaking cryptocurrency news, journalists probably pulled the information from Reddit.
A Look into The Future
Social media will continue to drive up interest and adoption in cryptocurrency and blockchain. Even further, blockchain technology could be responsible for entirely decentralized social media. If this happens, the public will run the platform, and there will be no censorship on what can be posted. Blockchain social media would spell the epitome of the relationship between the two.
Cryptocurrency is here to stay, and social media is responsible for driving up interest and launching it into the mainstream. The relationship outlined above will continue to shift and evolve as time moves on.