Reddit's Wall Street Bets Community Moves Into Crypto

Key Takeaways

  • Moderators at /r/WallStreetBets have created a brand new subreddit devoted to the dialogue of cryptocurrency.
  • Beforehand, moderators restricted cryptocurrency dialogue as a consequence of issues that it might eat the complete discussion board.
  • Reddit’s /r/WallStreetBets is controversial as a consequence of its position in huge GameStop quick promoting that befell this 12 months.

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Moderators at Reddit’s /r/WallStreetBets neighborhood have determined to create a by-product subreddit specializing in cryptocurrency.

Crypto Discussion board Has Been Created

The brand new subreddit known as /r/WallStreetBetsCrypto and can be operated by the identical moderators in the identical format, in line with an announcement printed on Wednesday.

Although /r/WallStreetBets permits members to debate most sorts of funding, cryptocurrency discussions are largely prohibited on the principle subreddit. Moderator bawse1 defined that crypto-focused dialogue has been thought of since April, however was not applied as a consequence of issues about crypto subjects taking up the discussion board fully.

“We all the time saved crypto out of /r/wallstreetbets as a result of it simply isn’t what this neighborhood is about,” he famous.

Later, he discovered a method “to permit a minimum of some dialogue” by permitting solely Bitcoin, Ethereum, and Dogecoin conversations. That coverage was applied in April and was intermittently reversed, leaving members with no dependable method to talk about cryptocurrency.

WallStreetBets Stays Controversial

WallStreetBetsCrypto gained notoriety earlier this 12 months when members shorted Gamestop inventory (GME) en masse by way of Robinhood’s buying and selling app. The incident led Robinhood to briefly droop buying and selling. Later, the U.S. authorities turned concerned because it held hearings attended by the CEOs of Reddit and Robinhood.

January’s Dogecoin surge was tangentially tied to /r/WallStreetBets as nicely. Although dialogue of Dogecoin didn’t happen on the subreddit, one person on Twitter related to the group was single-handedly responsible for mass funding within the asset.

The brand new crypto-focused subreddit is unlikely to have as a lot of an influence as its mother or father group any time quickly. Whereas /r/WallStreetBets has 10.8 million readers, /r/WallStreetBetsCrypto has simply 13,800 readers.

Moreover, an earlier unrelated subreddit known as /r/cryptosteetbets has attracted 30,000 readers thus far.

Disclaimer: On the time of scripting this writer held lower than $75 of Bitcoin, Ethereum, and altcoins.

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