Facebook's Libra surpasses Bitcoin on Crypto Twitter, but Sentiment Stinks
A survey performed by cryptocurrency data firm The TIE has revealed that US residents tweeting more about Facebook's Libra coin than bitcoin.
According to The TIE, 43.8 percent of US residents are tweeting about Libra. By contrast, the percentage tweeting on bitcoin is 39.8 percent.
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Interestingly, the United States represents an even larger proportion of Libra Coin tweets 43.8% than BTC 39.8%.
Like Bitcoin, the UK has the second most tweets on Libra. The UK is followed by France, Canada and Australia as the country with most Libra tweets.
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Other countries where the Libra tweets were remarkable included the UK, France, Canada and Australia.
Bitcoin tweets: a global ranking
The survey also revealed the leading countries where bitcoin tweets are the most prevalent. Surprisingly, the United States dominates Twitter calls on bitcoin, with 38.9 percent of global cryptocurrency tweets hailing from the world's largest economy.
Second place is the UK, which boasts 10.5 percent of total bitcoin-related tweets. Other countries with a large number of bitcoin tweets include Canada, Turkey, India and Australia.
One thing that can be retrieved from the survey is that Twitter activity is not correlated with market activity. Apart from the United States, three of the top five positions in the ranking of the most widely traded national currencies are taken by countries that do not do so in the TIE list with the highest bitcoin tweet activity. The US has a leading position in having its national currency as the most traded for bitcoin.
More tweeting about bitcoin is less trading?
According to Coinhills, the Japanese yen is the second most traded national currency followed by the Korean won. The euro is in fourth position. Nevertheless, these countries are not among the top 10 on Crypto Twitter in The TIE survey.
Globally, 59.8 percent of tweets were positive, according to the survey. Sentiment in the US was even more positive than the global average of 61.5 percent. Interesting was the neighbor to the south, Mexico, among the five countries where the mood was the most negative.
The country where bitcoin tweets were considered the most negative was Venezuela, with 62 percent leaning negative. This is interesting given that hyper inflation in the South American country has seen bitcoin volumes turnover in Venezuela at LocalBitcoins on an uptrend since the economic and political crisis rose last year.
Other countries where the mood of bitcoin tweets leans negatively includes Ireland, Estonia, Brazil and Venezuela.
Libra – Not Enough Like
Regarding the feeling at Libra, it seems that regulatory pushback and backlash from the crypto community have seen the majority of tweets on the Fa Letter coin become negative. This is a departure from the early days when the digital currency had just been announced:
"While conversations at Libra originally tended to be more positive, today there were 54.8% of Libra coin tweets negative. "
This is unlikely to be a deterrent to Facebook, although the social media giant seems to be immune to all sorts of criticism and bad pressure.
