The impact of Bitcoin-related Google queries, Facebook likes, reposts and comments on Bitcoin price is analyzed with the help of ARDL and GARCH models. Our results have led us to the following conclusions. Firstly, a sharp increase in Bitcoin’s popularity or hype, which manifested itself through a rise in the number of Bitcoin-related Google queries, has resulted in an increase in Bitcoin price. This effect corresponds to the description of the ‘collective hysteria’ that spread in the online community and was triggered by the increasing volatility of the Bitcoin market. Secondly, we found that Bitcoin’s popularity among ordinary Internet users has a positive impact in low-volatile and highly volatile rising markets but a negative one in a highly volatile falling market. Thirdly, Bitcoin’s popularity among informed Internet users has a negative impact on Bitcoin price in a period of low volatility. Fourthly, uninformed users’ trust in Bitcoin has a positive influence on Bitcoin price in low-volatile and highly volatile falling markets. Finally, the main factors that shape the Bitcoin market are trust and popularity.