High on Bitcoin: Evidence of emotional contagion in the YouTube crypto influencer space

Video blogs (vlogs) on content sharing platforms continue to grow in importance in online marketing. We show the strong influence that vloggers exert on their audience in the quickly expanding blockchain, crypto-assets, and Web3 industry. Measuring the correlation of sentiment in the title and transcript of 11,954 videos to that of cumulatively 3.6 million viewer comments, we find significant emotional contagion across all seven selected YouTube Bitcoin vlogs, all of which—in line with the gender imbalance of both Web3 and the YouTube influencer sphere—are hosted by men. The effect of emotional contagion is more pronounced for negative than positive emotions, and, although emotional bonds are said to intensify with recurring exposure to an influencer, it does not increase over time. The findings are relevant for marketers in blockchain-based markets, for financial regulators to understand the disruption potential exerted by crypto vloggers, and for crypto vlog viewers.