Forget Money: Cryptocurrency Hype Dominating Social Media
Cryptocurrencies are red hot on social media. A new report from NetBase shows crypto is dominating the online discussion about money at a ridiculous rate.
The analytics company looked at social media chatter on cryptocurrencies, investment banking, credit cards, payment services, banks, internet lending and insurance companies. According to a roundup from marketing communications firm O’Dwyer’s, virtual currencies account for a whopping 40% of online discussions about financial services on social media.
Here’s a look at the results:
40% – Cryptocurrencies
26% – Payment services
14% – Banks
7% – Investment Banking
7% – Credit Cards
3% – Internet Lending
3% – Insurance Companies
Stocks and bonds were not a category.
Bitcoin and Ethereum also climbed into the Brand Passion Index, a list of the top 10 financial service brands on social media that is released yearly by NetBase. Bitcoin clocked in at number three, with Ethereum at number five.
The report shows cryptocurrencies still need to mature significantly before gaining public trust. Despite the major edge in interest and social media buzz, crypto earned a score of 50 out of 100 on trust, placing it ahead of banks and credit cards in this category, but behind investment banking, insurance companies, internet lending services and payment services.