WallStreetBets Now Allows Crypto Discussions Amid Greater Adoption
2021 is a very strange year indeed. 2020 had its few ups and its many downs, but 2021 has had its own fair share of strange events. One such event is r/WallStreetBets, a Reddit community that decided to enact a short squeeze on the stocks of GameStop. The entire debacle cost billions for hedge funds and raked in millions for the many retail traders that took part in it. The community became such a noteworthy facet of the finance space that impactful news articles can be written about them.
Acknowledging The Success Of Crypto
Alongside this, Bitcoin’s rampant institutional adoption as of late, including some adoption for Ethereum and other altcoins, has propelled the crypto space to a brand new level of mainstream integration. With this, r/WallStreetBets was hit with a problem: Nonstop discussions about Bitcoin on a stock trading forum has forced the moderators to concede, and Bitcoin discussions can now be done amid the growing wave of positive crypto sentiments.
Indeed, Ether, Dogecoin, and Bitcoin can all be discussed by way of a daily discussion thread about cryptocurrencies. Bawse1, the moderator of the forum, had explicitly stated that there’s a “no cryptocurrency” rule within the forum. r/SatoshiStreetBets stands as r/WallstreetBets’ counterpart, dedicated fully to crypto trading, but it seems that the moderators were forced to give some ground. While the overall forum forbids discussion of cryptocurrencies, the daily crypto thread will now allow for it within that singular thread.
Trying To Maintain Forum Fundamentals
In the post announcing the new crypto thread, it explained that the moderators have found no point in delaying what they called the inevitable any longer. The post acknowledged the fact that cryptocurrencies are here to stay. Mainly, the dominant concern about why r/WallStreetBets had banned crypto discussions is that it might overtake the discussions about the stock market, which is its core purpose.
Now, there is an overlap between crypto and stocks: Crypto miner firm stocks. While r/WallStreetBets is most famous for the “Gamestonks” event, it has made multiple mentions of crypto miners such as Marathon Digital Holdings and Riot Blockchain. These crypto mining firms had their shares perform wonderfully over the year as Bitcoin saw another massive rise in price.
Bitcoin Rises In Price Once More
This positive crypto sentiment was only spurred forward when Bitcoin came close to achieving $65,000 in price, marking a brand new all-time high. Now, the asset is back to trading within the $62,000 range, but another breakout attempt will happen in due time.