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.

中文翻译：

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走向主流：报纸上的加密货币叙述

本文量化了主流媒体对比特币的报道，以了解曾经的利基兴趣如何进入公共文化。从 2011 年到 2022 年，五个关键叙述被确定为犯罪、文化、政治、价格和技术。价格、政治和文化在报道中变得更加突出，而技术叙述则逐渐减弱。更具政治性或文化性的报道与随后较低的回报相关，而犯罪叙事则与较高的回报相关。总之，这表明，随着叙事变得更加主流，它们创造了额外的需求，尽管与犯罪活动有负面联系。