Bitcoin continues to make history. How do users on social media platforms like Weibo, Hupu, and Bilibili view it?

This article is an original piece by Chain Catcher, authored by Echo.
Under the influence of the COVID-19 pandemic and the massive money printing by central banks around the world, the recognition of Bitcoin within and outside the blockchain industry has been increasing, directly driving Bitcoin prices to continuously break new highs over the past year, reaching a new height of $60,000 on March 13.
At the same time, Bitcoin has increasingly appeared on internet social platforms like Weibo, where "Bitcoin" has repeatedly topped the trending searches over the past year. Discussions about Bitcoin and its price fluctuations have also increased among users on Douban, Hupu, Bilibili, etc. However, unlike the unprecedented bullish sentiment among industry insiders, most traditional social media users still hold skeptical and unfriendly attitudes towards it.
To present a more comprehensive view of the attitudes and emotional changes towards Bitcoin on internet social platforms like Weibo, Hupu, Bilibili, and Douban, Chain Catcher has collected user comments related to significant price fluctuations of Bitcoin and relevant educational topics on these platforms for readers' reference.
1. Comments on Bitcoin's Surge
Since the second half of 2020, during Bitcoin's rapid rise and continuous breaking of new highs, highly liked user comments often include keywords such as "scam," "about to crash," "tulip bubble," and "retail investors entering the market."

On December 31, Bitcoin broke $28,000, comments below a Bilibili video

Comments below a financial news Weibo post on January 3

Hupu discussion area on January 6

Comments section of The Paper on January 2

Hupu discussion area on January 14


On February 12, BTC broke $48,000, comments below a Bilibili video


On February 21, BTC broke $47,000, comments below a Bilibili video

On March 12, BTC broke $58,000, comments below a Sina Finance Weibo post

On March 14, BTC broke $60,000, comments below a Phoenix Finance Weibo post
2. Discussions on Bitcoin's Plunge News
During the short-term sharp decline, many users on traditional social platforms mocked it as a "Ponzi scheme," "to cut retail investors," and "bubble," although a small number of users expressed "buying more as it drops."

Hupu comments on January 4

Weibo comments section on February 15

Comments below a Caixin Weibo post on February 23
3. Comments on Bitcoin Educational Content
As Bitcoin gains more attention, many traditional social media platforms have seen educational content emerge, but the most common responses to such articles or videos are still doubts about Bitcoin, such as "bubble," "scam," and "money laundering." In contrast, comments below educational videos on Bilibili show more serious discussions about Bitcoin's value.

Douban comments

Bilibili comments

Weibo comments
As noted by renowned investor Paul Graham in "Hackers and Painters," "Everyone claims to be 'open-minded,' but in reality, they have long since decided what is right and what is wrong. To them, all viewpoints are open for discussion, except those they consider wrong." Perhaps this cognitive bias exists among both industry insiders and outsiders, but the role of Bitcoin in value storage and payment has already begun to emerge, and the cognitive conflicts and corrections regarding Bitcoin will continue for a long time.