Can Social Media Influencers Influence the Price of Cryptocurrencies?

[Suba]

Of course social media greatly affects the price of cryptocurrency, especially the chatter of famous people and rich people, they are usually not just talk but accompanied by a large amount of certain crypto buying / selling, so it will affect the price, but usually it won't take long.

 

[Joseph555]

Social media has a great influence on almost everything this generation, so it will not be out of place if social media can influence the price of cryptocurrency, in affirmative, I agree that the societies believe on social media so much so this is bound to happen.

 

[Zevin]

Not much i think. It does not control price fully. just it might add some traders in buy or sell ratio. Price depends on many aspects. Now tweet from Ellon Musk is different than a normal user's share. Definitely doge price never rised naturally. I should say it "rumor manipulation".

Not just doge, even Bitcoin price went up when Musk wrote bitcoin on his twitter bio. That's why I was asking this question. However, I do agree price of crypto currency is related to a lot of things.

Of course social media greatly affects the price of cryptocurrency, especially the chatter of famous people and rich people, they are usually not just talk but accompanied by a large amount of certain crypto buying / selling, so it will affect the price, but usually it won't take long.

Maybe you are right, price of crypto depends on demand and supply, when the social media influencer talks about a certain crypto, people begin to buy, and thus the price goes up. But this is just my theory.

 

[Shahzad Ahmad]

Yes, it affects it as Social media affects our daily life. There are more than 2 billion users on Facebook alone, which shows that the social media platforms can have a great impact on the way we live. Popularity and growth of cryptocurrencies can be attributed to the social media platforms. The emergence of Bitcoin started with a forum post online at bitcointalk.org

 

[Bholozy]

Social media influencer can have can influence price of crypto currency as they can make people invest more in that particular crypto. Crypto currency market moves as a result of how people participate in the market and inflencers can do that

 

[Rainlover207]

I think important figures in financial sectors at the one who have the power to influence the price of bitcoins in the market. Social media influencer can only try when it comes to product launching, but they have little or no effect on cryptocurrency. The financial expert, the cryptocurrency expert and brokers as a powerful rules to play when it comes to influencing the price of cryptocurrency.

Like R

 

[Hasan Raza]

Of course my dear web-based media influencers can impact the cost of digital currency trade Business. Much the same as what befell Bitcoin as at yesterday when Elon Musk joked about Bitcoin the cost of the coin just went up quickly with a solitary tweet and that is the impact of the most extravagant men on the planet and some other goliath Inves

 

[Cybersec]

just as social media can help popularize cryptocurrency, it can also contribute to market price fluctuation. For instance, when a big celebrity tweet or promote coin such coin will increase in value.

 

[WhiteHouse]

Yes they can, they are Influencers they can influence anything, any brand as long as their fan/follower base are in sync to that kind of stuffs. Social media is very verse now and you can promote whatever you want to who you want that's your target audience.

 

[Royalty]

The role of information in asset pricing has always been one of the most debated topics in financial literature. In today’s world of mainstream media and social media, investors need to understand the impact of media on a financial asset.
Published on Oct 24, 2019 16:11 By Bilal Jafar
Since the invention of Bitcoin in 2008, cryptocurrencies have achieved significant growth. It all started as a research paper from Satoshi Nakamoto with a title of “Bitcoin: A Peer-to-Peer Electronic Cash System”. The main focus of the research paper was to establish a peer-to-peer version of electronic cash, which would allow online payments to be sent from one party to another without the involvement of the third party. Bitcoin was only the start, many cryptocurrencies emerged after that with different purposes but the underlying technology remained the same. The main focus of all cryptocurrencies is to make the digital payment system decentralized, to make it fast and secure.
Cryptocurrencies have not only increased in price and value but the adoption rate has increased dramatically in the last few years. Digital asset management company Grayscale reported in August 2019 that there are more than 100,000 merchants and companies accepting bitcoin around the world. The emergence of cryptocurrencies in the real estate market is the hottest topic of discussion these days. BitPay, one of the world’s largest bitcoin payment service providers, recently announced that they processed over $5 million in real estate transactions in the first half of 2019, as compared to $2.7 million in 2018. Crypto adoption is on the rise as many companies around the world are exploring different opportunities to integrate cryptocurrencies as a payment method.
The role of information in asset pricing has always been one of the most debated topics in financial literature. In today’s world of mainstream media and social media, investors need to understand the impact of media on a financial asset. A research paper published by Joseph Engelberg and Christopher A. Parsons in 2011 with the title of “The Causal Impact of Media in Financial Markets” shows that the presence or absence of media coverage in financial markets is strongly related to the probability and magnitude of trading. Another study shows that there are two different mechanisms through which an investor can process financial information. Firstly, the information reported by the media and secondly, how investors interpret the same piece of information differently.
Media can influence the dynamics of investment behavior.

 

[Eodine]

Yes, social media has influence over the price fluctuation of crypto currency. You have given a good example with the Elon must making use of Twitter which is social media to boost the price of Dodge coin. Although if it is not reliable, promoting crypto currency on social media might seem futile

 

[Dubai]

Musk is an investor and entrepreneur which was why he could influence the price of bitcoin. He is far from a social media influencer. A social media influencer will find it hard to move the value of bitcoin but a famous celebrity could move the market.

 

[hominchen]

Not just doge, even Bitcoin price went up when Musk wrote bitcoin on his twitter bio. That's why I was asking this question. However, I do agree price of crypto currency is related to a lot of things.

You are absolutely right here. Social media like facebook has deep impact on society and on involvement like I saw some youtube that bitcoin might be banned in India and some countries well that might make some crypto holders to minimize their activities.

 

[Zevin]

I also heard about India banning cryptocurrency, however, recently another news said that India has no plans to ban cryptocrrencies. There are all sorts of news and it is really difficult to verify these news stories. Social media has a great influence in our society. It is even heard that facebook is working on its own crypto currency called Libra.

 

[AmirSohail]

Social media today is a very powerful tool that can change people's opinion about anything. That is why it is just propaganda that makes any cryptocurrency a hero or a zero in front of the people.

 

[Diamond07]

Recently, the influencers on Reddit began discussing Doge Coin and the cryptocurrency surged by 500 percent just in 24 hours. The price went up to $0.049 from $0.007681. The Redditors were following a move from Elon Musk who had Tweeted an image "Dogue" the Doge in the Vogue style. Just an hour after the tweet, Doge price went up by 50 percent. This was not the first time Musk tweeted about Dogue. In July, he tweeted about Dige and the price went up by 20 percent.
Musk has done it again. On January 29th, he changed his Twitter bio to mention Bitcoin and the price of bitcoins went up by 13 percent within a couple of minutes after the tweet.
From what I understand about crypto currency is the price changes according to demand and supply. However, here we see the price going up when big names like Musk begins to talk about certain crypto currency.
Do you think social media influencers can actually influence the price of cryptocurrencies?

Depending on such social media influencers affluence, they can actually influence the price of cryptocurrency. Most factor that causes cryptocurrency to rise is the if it's in high demand.

 

[Michaellee]

I don't think it is possible, social media influencer can not influence the price of cryptocurrency, they can ulter the signal of cryptocurrency. They can only give it recourgnition so the more people buy the more it gets popular. One person can't influence blockchain. It is purely decentralized.

 

[Zevin]

Depending on such social media influencers affluence, they can actually influence the price of cryptocurrency. Most factor that causes cryptocurrency to rise is the if it's in high demand.

The price of cryptocurrency goes up when there is a great demand. When a lot of people start buying, the price goes up. When the demand slows, the price begins to fall. When influencers begin to promote, there will be general interest among people and they will begin to buy, when they buy the price also starts going up.

 

[Veetos12]

Yes social media can and has influenced the prices of crypto Currencies.

Over the the years, we have seen social media wield such a pivotal influence on the crypto currency space, this is mainly because most news about crypto currency is borne via social media. I got a wimp and actively participated in Crypto Currency activities because of social media.

Yes social media can and has influenced the prices of crypto Currencies.

Over the the years, we have seen social media wield such a pivotal influence on the crypto currency space, this is mainly because most news about crypto currency is borne via social media. I got a wimp and actively participated in Crypto Currency activities because of social media.

Sincerely speaking you are right by what you said regarding social media being pivotal to the growth of crytocurrencies. Many investors of crytocurrencies get the update about the signal of the digital currency they trade in thereby causing a heavy traffic on the signal of the crytocurrency.

 

[JamoPosh]

Elon Musk is a big influence on the growth of doge coin. His tweets on twitter has a great impact on the the coin. It growing steady by steady. As public figure in the society with a good integrity could influence a cryptocurrency in other to make other people engage in it