Mar 2022#Cryptocurrency

What do senators write about cryptocurrencies on their Twitter?

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Authors

Vitalii Khudyi

Vitalii Khudyi

Crypto Researcher & Analyst

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5 min

US senators in their tweets do not bypass the topic of blockchain and cryptocurrencies. As experts from the blockchain marketing agency BDC Consulting found out, many of them predict a great future for such assets and believe that they are important for the other areas of society. More skeptical senators naturally point to the shortcomings of such assets and even to the dangers of these technologies.

What advantages do senators see?

In many tweets mentioning cryptocurrencies, which were analyzed by BDC researchers, the undoubted advantages of such assets are the speed of all transactions and relatively low commissions for operations.

Here is what, for example, California Senator Ro Khanna writes: “But crypto settles in minutes compared to fiat which can take days. Doesn’t this time saving reduce risk and fees? Also crypto reduces banking fees and remittance fees by taking out the middle man. Isn’t the tech reducing transaction costs?”

He, predicting a great future for digital assets, calls for giving modern people the opportunity to take advantage of all the advantages of decentralization: “Supporting blockchain technology is about decentralization and reducing transaction costs and friction. We should be for seeing power & opportunity decentralized and empowering people”.

The future for a positive impact of cryptocurrencies on different areas of society is seen by Indiana senator Todd Christopher Young. In his opinion, it is worth paying close attention to new technologies today in the aspect that it can have a great impact, including on non-financial spheres.

“Blockchain can have a huge impact in nonfinancial spheres such as cyber security and the health industry,” he tweeted.

Skeptic voice

The skepticals consider blockchain has not only advantages, but also disadvantages. One of them writes that all cryptocurrencies are owned by 1% of the wealthiest people in the universe.

Senator Elizabeth Warren, representative of Massachusetts, announces in her tweet that blockchain shows the way to cooperation in the sphere of finance. Thus bitcoin is even more owned by the richest persons than USD. “It is important that the financial system works for all of us, not only for the wealthy”

Senator Brad Sherman representing California announces that cryptos should not be used for evil reasons, not for the benefit of drug dealers who aim to evade paying taxes.

“Desperate to show it believes in privacy, facebook will build a crypto currency platform to protect the privacy of drug dealers, tax evaders, and terrorists,” he panics on Twitter.

Another potentially problematic aspect is the privacy and security issues of digital currencies and blockchain, according to senator Mike Rounds. “As technology advances, so does the use of digital currency. But digital currency raises new questions about privacy security concerns,” he sounds the alarm on his social network.

The most friendly

Analyzing the tweets of senators, BDC analysts identified those politicians who left the maximum number of positive posts about cryptocurrencies.

According to the results of the study, the maximum share of positive tweets was recorded by the Republican Austin Scott - their share reaches 29.3% of the total, while the total share of negative tweets for this senator is generally zero. This senator made 70.7% of the total number of publications of a neutral tone.

Democratic senator Tina Smith is also quite supportive of cryptocurrencies. She has 24% of tweets with a friendly attitude, while the share of negative statements is only 3%. She was neutral about cryptocurrencies on Twitter 73% of the time.

Democratic senator Сory Booker came in third on this auspiciousness ranking with 23.7% positive tweets, 66.4% neutral, and just under 1% negative.

Skeptic senators

If we talk about senators who are not very supportive of cryptocurrencies in their social networks, then the three skeptical senators are as follows.

In first place is Texas Republican senator Ted Cruz. The share of negative mentions of cryptocurrency in his tweets reaches 19.9%. At the same time, he spoke positively about digital assets only in 8.5% of cases, and he spoke neutrally about digital currencies in 71.5% of his tweets.

He scolds not so much the cryptocurrency itself, but the authorities, accusing them of not understanding anything about digital assets. “The result? The Senate's going to inflict billions of dollars of damage on the growing exciting crypto industry and drive much of it overseas. There aren’t 5 senators who understand much of anything about crypto,” he wrote.

Here's what else he wrote: “Democrats hate crypto currencies. They don't understand them, but Dems want to destroy them.That would be tragic. We have to act now to stop this.

He is followed by California state representative John Garamendi. In his tweets, cryptocurrency is mentioned in a negative way in 16.4% of cases, in a neutral way - in 67.2%, and in a positive way - in 16.4%.

Closes the top three ill-wishers of a member of the Democratic Party, US Senator from Hawaii Brian Schatz. He mentioned cryptocurrencies kindly in 13.9% of his tweets, neutrally in 77.9%, and negatively in 8.2%.

Keep neutrality

As BDC Consulting researchers found out, there are a number of US senators who mention the crypto market in their tweets rather reservedly. 

Senator John F. Kennedy has the largest share of neutral mentions of cryptocurrency, he spoke without any explicit positive or negative emotions in 96.8% of cases. French Hill has the same share.

Another candidate for the most “neutral-minded” senator, who occupies an honorable third place in the BDC rating, is California politician Anna Eshoo with a 96.5% share of unemotional posts.

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