Going mainstream: cryptocurrency narratives in newspapers

Clive B. Walker*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

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This paper quantifies mainstream media coverage of Bitcoin to understand how a once niche interest entered public culture. From 2011 to 2022, five key narratives are identified as criminality, culture, politics, price and technology. Price, politics, and culture have become more prominent in coverage while the technology narrative has waned. Coverage that is more political or cultural is associated with subsequently lower returns whereas the criminality narrative is associated with higher returns. Together this suggests that as narratives have become more mainstream, they have created additional demand, despite the negative association with criminal activity.

Original languageEnglish
Article number103305
Number of pages16
JournalInternational Review of Financial Analysis
Early online date17 Apr 2024
Publication statusEarly online date - 17 Apr 2024


  • Narratives
  • Bitcoin
  • Cryptocurrency


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