Compared to fiat currencies such as the US
dollar, bitcoin has a limited supply, which means
it cannot be infinitely printed. Around 89% of the
maximum supply of bitcoin was reached in April
2021, and it is expected that bitcoin reserves will
be exhausted by 2040. This is due to the fact that
the process of mining Bitcoin is becoming more
complex and requires more and more energy
every four years. As a result, bitcoin mining
transactions can consume a significant amount of
energy, comparable to the energy consumption of
a small country in 2021 (Statista, 2023).
Predicting cryptocurrency movements is difficult
due to the limited number of metrics and rumors
that a small number of cryptocurrency holders
control a significant share of the total supply.
These “whales” make up only two percent of all
anonymous accounts, but own about 92 percent
of bitcoins. Most users of cryptocurrency
services are retail clients, not institutional
investors. Therefore, predicting a decline or
increase in Bitcoin prices is difficult, as the
actions of one large “whale” already have a
significant impact on the market (Statista, 2023).
One of these “whales” is Elon Max, whose
influence on the cryptocurrency market is
undeniable (Ante, 2023; Huynh, 2022; Shahzad,
Anas, & Bouri, 2022; Zaman, Yaqub, & Saleem,
2022; Gupta et al., 2022).
Social networks and influencers are elements of
the complex phenomenon of New Media, which
completely modernizes the context of journalism
as an industry of information production. Social
networks have become a platform where users
can actively exchange information, express their
opinions and even create their own information
context. Influencers, in turn, have a significant
impact on the audience, shaping and influencing
their opinions, views, and consumption habits.
This leads to changes in the way information is
disseminated and perceived by the public.
Journalism, as a process of information
production, has to adapt to these new realities by
using social media to disseminate news,
communicate with the audience, and create
interaction with influencers. In addition,
journalists should be attentive to the impact of
social media on public opinion and use critical
thinking when analyzing information coming
from influencers and social media. In general, the
growing influence of social media and
influencers in the field of New Media is changing
the landscape of journalism and requires new
approaches and strategies for producing
information products (Benli, 2023; Ren & Zhao,
2023; Goyanes, Ardèvol-Abreu & Gil de Zúñiga,
2023).
New Media technologies have a significant
impact on the formation of public opinion due to
their accessibility, speed of information
dissemination, and the possibility of wide
audience engagement. Social networks, video
hosting, blogs, and other new media platforms
create an opportunity for every user to express
their opinions, share their experiences, and
influence the opinions of others. Thanks to the
widespread use of smartphones and access to the
Internet, information can be disseminated
instantly and reach a large audience. This affects
the formation of public opinion, as information
coming from different sources can influence
people's perceptions, attitudes, and behavior. The
growing influence of New Media technologies
places a responsibility on users, journalists, and
news organizations to be critical of information,
conduct factual analysis and promote media
literacy. This is important for ensuring a healthy
information environment and understanding the
real impact of New Media technologies on
society (Zhang, 2023; Mayes, 2023; Liu & Ning,
2023).
The impact of new media on the cryptocurrency
industry, including Bitcoin, is no exception.
Social networks, blogs, forums, and video
platforms are becoming platforms where users
discuss and share information about
cryptocurrencies. Influencers with a large
audience can influence people's opinions and
decisions about investing in Bitcoin. In addition,
new media facilitates the dissemination of news
and updates in the cryptocurrency field, allowing
for quick information about market trends,
regulatory changes, and other events that affect
bitcoin prices. However, it is important to be
cautious and critically evaluate information, as
there is a lot of misinformation and fraud in the
cryptocurrency field. Understanding the impact
of New Media on the cryptocurrency sphere is
important for investors and market participants to
make informed decisions and be aware of the
risks and prospects of this market (Bouteska,
Hajek, Abedin & Dong, 2023; Fiqri & Oetarjo,
2023; Gunay, Dzenopoljac & Bontis, 2022).
The role of journalism in shaping the information
impact on the cryptocurrency market in the
context of the New Media paradigm remains an
unexplored aspect. Journalists perform an
important function in disseminating news and
analyzing events in the field of cryptocurrencies
that affect market trends and prices. They play
the role of intermediaries between information
and the audience, providing context, analysis,
and expert opinions. However, in the world of
New Media, where everyone can become a