According to Santiment data, the term “Bitcoin” is being used more positively on social media now than at any time in the past 16 months.
Santiment highlighted this shift in sentiment, noting in a July 27 post on X (formerly Twitter), “Bitcoin’s +20% 3-week price rally has left traders feeling a whole lot more bullish than they were at the beginning of the month.” At the time of publication, Bitcoin was trading at $67,950, up 6.22% since July 25, according to CoinMarketCap data.
The company’s weighted sentiment index, which measures Bitcoin mentions on social media and compares the ratio of positive to negative comments, is at a “16-month high positive sentiment.” Santiment elaborated, “The ratio of positive vs. negative comments toward BTC has launched to its highest level since March 2023 as an all-time high is back on radars.”
Sentiment Spikes with Anticipation Ahead of Trump’s Bitcoin 2024 Speech
The surge in positive sentiment coincides with rising anticipation for former United States President Donald Trump’s speech at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27. In his speech, Trump declared his goal to make the US the “crypto capital of the world.” He expressed a bullish outlook on Bitcoin, stating, “One day Bitcoin will overtake gold… Bitcoin is not just a marvel of technology, as you know, it’s a miracle of cooperation and human achievement.”
Following Trump’s speech, pro-crypto Senator Cynthia Lummis introduced a bill for a “strategic Bitcoin reserve,” proposing that the US government purchase 5% of the world’s Bitcoin supply and hold it for at least 20 years.
Market Sentiment and Fear & Greed Index
The Crypto Fear & Greed Index, which gauges market sentiment, showed a “Greed” score of 71, up 24 points since June 28, indicating growing investor confidence.
