Going mainstream: Cryptocurrency narratives in newspapers
量化了2011至2022年主流报纸对比特币的报道，识别出犯罪、文化、政治、价格和技术五种叙事，发现政治和文化叙事与后续较低回报相关，而犯罪叙事与较高回报相关。
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.