254 Interactions, 2 today
The Reddit group r/wallstreetbets will enable a small amount of cryptocurrency conversation in order to please community members without detracting from its stock market emphasis.
The moderators of the subreddit r/wallstreetbets have declared that crypto debate will be permitted in the subreddit beginning today.
The retail trading party, known for pumping conventional stocks like Gamestop (GME) and scaring hedge fund managers out of their shorts — a story that is soon to be made into a big film — will restrict conversation to three cryptocurrencies, BTC, ETH, and DOGE, in a single regular line. This morning’s post stated:
“We’ve decided to allow for discussion about only BTC, ETH, and DOGE only. Inside of a daily Crypto discussion thread as to not burden everyone with crypto spam. All rules will still apply outside of the thread but for now please keep it in the daily thread only as we gauge if this is something that is right for our sub.”
Subreddit moderator “bawse1” stated that they had “tried to delay discussion about crypto on the sub for many reasons,” with the key issue being that r/wallstreetbets didn’t want crypto discussion to distract from the group’s core emphasis on the stock market. About the fact that some members “hate crypto,” the moderator stated that the subreddit’s goal is to make all members feel comfortable, given the increasing interest in cryptocurrency over the last year:
“I’ve known at some point that r/wallstreetbets will have to find a place for it. As much as some of us hate it, there are just as many that love it and the way I’ve always tried to shape the sub is to never gatekeep, allow everyone to feel welcome, and always be able to adapt. I don’t see the point in delaying the inevitable anymore as crypto is here to stay.”
The switch may be a reference to the crypto variant of WSB, “r/SatoshiStreetBets,” which has 384,000 members since its inception in February of last year. However, that pales in comparison to the 9.8 million degens that r/wallstreetbets has drawn since 2012, with many entering in the aftermath of the Gamestop saga earlier this year.
Data from Tradingview reveal that around the time WSB jointly pumped GME, the price went from around $60 on Jan. 22 to around $340 on Jan. 28, resulting in trading site Robinhood suspending trades on the stock to reportedly cover the positions of hedge funds who were shorting the market.
The story of how the little guys beat the hedge funds is coming to the big screen, thanks to Metro-Goldwyn-Mayer studios acquiring the rights to a novel proposal detailing the “short squeeze” by author Ben Mezrich, who also published “The Social Network,” a book and film about Mark Zuckerberg and the advent of Facebook.
Mezrich is also the author of “Bitcoin Billionaires” a book about Cameron and Tyler Winklevoss that will be made into a film after Stampede Ventures partners with the twins to make it in June 2020.
There was chatter at the time of the pump that the party would throw its support behind Dogecoin, and if it did, the widely desirable $1 price point might be a possibility.
Dogecoin has risen by about 80% in the last 24 hours to reach an all-time high of $0.14, making it the 11th largest cryptocurrency by market value, according to Coingecko numbers. Despite its “meme coin” reputation and a tradition of instability, the coin has increased by 6196 percent in the last year.