Elon Musk’s repeated criticisms of Bitcoin (BTC) appear to have come at a cost, when considering sentiment on Twitter.
Based on data in opinion tracking firm Awario shared with Yahoo Finance, the positive-to-negative sentiment of tweets regarding Musk reached a new low in May, falling significantly around exactly the time cryptocurrency prices plummeted following Musk’s attack on Bitcoin and declared Tesla would no more take it as a form of payment.
Back in January, tweets in favor and against Musk were about equal in number, but by May, the ratio of positive-to-negative opinion had dropped by roughly 25% to reach on the lowest ratio on record, as Awario began tracking Musk’s sentiment in October 2020. Tweets about Elon Musk that were impartial in sentiment remained the greatest by percentage at approximately 66%, accompanied by adverse tweets at 19.2% and optimistic tweets at only 14.9%, respectively.
Sentiment in various tweets about Musk were algorithmically tracked by Awario by measuring certain search phrases. As one example from influencer along with crypto enthusiast Fabri Lemus highlights, lots of unwanted tweets followed Musk’s May 12 statement that Tesla would not accept Bitcoin for purchases anymore. Bitcoin’s price fell 12% after that announcement, and it has lost about 35% of its value in the months since.
Interestingly, positive tweets protecting Musk also followed that announcement, albeit to a lesser amount. As an illustration from crypto investor David Gokhshtein showed, some people bought into Musk’s defense that the fact Tesla still held bitcoin on its balance sheet was a significant case to other corporations seeking to do the same. “Elon Musk is helping our entire #crypto industry grow and gain adoption,” Gokhshtein tweeted. “It’s not just a DOGE thing.”
Even some negative sentiment from Dogecoin (DOGE) lovers followed the 25% collapse in Doge’s price after his SNL appearance.
To be fair, sentiment on Twitter probably matters little to Musk. Despite a rise in negative opinion, he saw his follower count increase by more than 3 million in May to top 56 million overall followers and now boasts the most followed accounts among company executives.