Reddit’s WallStreetBets Community Moves Into Crypto
Crypto Briefing | Sep 26, 2021 01:32AM ET
The moderators of the group have created a spinoff subreddit dedicated to crypto discussion. Moderators at Reddit’s /r/WallStreetBets community have decided to create a spinoff subreddit focusing on cryptocurrency. The new subreddit is called /r/WallStreetBetsCrypto and will be operated by the same moderators in the same format, according to an announcement published on Wednesday.
Though /r/WallStreetBets allows members to discuss most types of investment, cryptocurrency discussions are largely prohibited on the main subreddit. Moderator bawse1 explained that crypto-focused discussion has been considered since April, but was not implemented due to concerns about crypto topics taking over the forum entirely.
“We always kept crypto out of /r/wallstreetbets because it just isn’t what this community is about,” he noted.
Later, he found a way “to allow at least some discussion” by allowing only Bitcoin, Ethereum, and Dogecoin conversations. That policy was implemented in April and was intermittently reversed, leaving members with no reliable way to discuss cryptocurrency.
h2 WallStreetBets Remains Controversial/h2WallStreetBetsCrypto gained notoriety earlier this year when members shorted GameStop stock (GME) en masse via Robinhood’s trading app. The incident led Robinhood (NASDAQ:HOOD) to briefly suspend trading. Later, the U.S. government became involved as it held hearings attended by the CEOs of Reddit and Robinhood.
January’s single-handedly responsible for mass investment in the asset.
The new crypto-focused subreddit is unlikely to have as much of an impact as its parent group any time soon. While /r/WallStreetBets has 10.8 million readers, /r/WallStreetBetsCrypto has just 13,800 readers.
Furthermore, an earlier unrelated subreddit called /r/cryptosteetbets has attracted 30,000 readers so far.
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