The DOI matches its Crossref record; 58 of the 58 references it cites were found in a registry or an index.
How Does Social Media Impact Bitcoin Value? A Test of the Silent Majority Hypothesis
Open accessAbstract
Bitcoin’s emergence has the potential to pave the way for a technological revolution in financial markets. What determines its valuation is an important open question with far-reaching business and policy implications. Building on Information Systems and Finance literature, we examine the dynamic interactions between social media and the monetary value of Bitcoin using textual analysis and vector error correction models. We show that more bullish forum posts are associated with higher future Bitcoin values. Interestingly, social media’s effects on Bitcoin are driven primarily by the silent majority, the 95% of users who are less active and whose contributions amount to less than 40% of total messages. In addition, messages on an Internet forum, relative to tweets, have a stronger impact on future Bitcoin value. Overall, our findings reveal that social media sentiment is an important predictor in determining Bitcoin’s valuation, but not all social media messages are of equal impact. This study offers new insights into the digital currency market and the economic impact of social media.
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Cited by
Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018) · Journal of Management Information Systems · doi:10.1080/07421222.2018.1440766 · Cited by 2,109
RETRACTED: Cryptocurrencies as a financial asset: A systematic analysis
Corbet, S., Lucey, B., Urquhart, A., & Yarovaya, L. (2019) · International Review of Financial Analysis · doi:10.1016/j.irfa.2018.09.003 · Cited by 1,172
RetractedDisruption of financial intermediation by FinTech: a review on crowdfunding and blockchain
Cai, C. W. (2018) · Accounting & Finance · doi:10.1111/acfi.12405 · Cited by 319
"Blockchain Research in Information Systems: Current Trends and an Inclusive Future Research Agenda"
Aalto University, F., Rossi, M., Mueller-Bloch, C., IT University of Copenhagen, D., Thatcher, J. B., University of Alabama, U., Beck, R., & IT University of Copenhagen, D. (2019) · Journal of the Association for Information Systems · doi:10.17705/1jais.00571 · Cited by 182
Monetary Incentive and Stock Opinions on Social Media
Chen, H., Hu, Y. J., & Huang, S. (2019) · Journal of Management Information Systems · doi:10.1080/07421222.2019.1598686 · Cited by 76
Metadata
- Authors
- Mai, F., Shan, Z., Bai, Q., Wang, X. (., & Chiang, R. H. L.
- Venue
- Journal of Management Information Systems
- Publisher
- Informa UK Limited
- Published
- 2018-01-02
- Volume
- 35
- Issue
- 1
- Pages
- 19-52
- ISSN
- 0742-1222 (ISSN-L)
- 1557-928X
- OpenAlex
- W2795084954
- Cited by
- 389
- References
- 58
- FWCI
- 43.05
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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