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GameStop Effect: Bitcoin's Reddit Gains 100,000 Users in One Day

A new wave of new subscribers is shaking the Bitcoin subreddit. Within a single day there was an increase of 100,000 subscribers, bringing the group’s total to more than 2.2 million users. In fact, Reddit communities have been garnering more user attention since a group of astute Reddit users outpaced Wall Street short bettors last week in a worldwide event.

The Bitcoin sub-forum on Reddit added more than 220,000 subscribers in the last week and is among the fastest growing subreddits, as revealed by the FrontPageMetrics.com site metrics. 100 thousand of these new users entered in one day, as a post in the same forum pointed out.

Also the community of r / WallStreetBets (WSB), responsible for starting the whole movement around GameStop , has registered an explosive momentum, gaining more than 5,000 subscribers in less than a week.

This interest in stocks or the GameStop effect has had an impact on the ecosystem of the cryptocurrencies, which is visible in the momentum that their communities have taken on Reddit. In addition to r / bitcoin, among the fastest growing in the last seven days are r / dogecoin (383,889 new users), r / ethtrader (375,148) and r / SatoshiStreetBets (176,730).

The great User movement on Reddit can be understood as a digital manifestation that the world is in disagreement with the traditional financial system and the measures taken by the public administration of nations. Many of them allow the issuance of dollars to flow directly to large corporations and not to citizens.

The Gamestop case has made it clear that something new has been born from the combination of social media, quarantine and tech activists. The pending task remains to be defined if it is a more transparent way of investing or a new way of setting prices, all with less intervention by governments.

Since 2018, the Bitcoin subreddit had not experienced as significant growth as it is today. Source: FrontPageMetrics.

Reddit, Bitcoin and the decentralization of finance

While the Bitcoin sub-forum has seen recent growth driven by the GameStop phenomenon, it is also true that in the WallStreetBets forum it is not allowed to mention the pioneer cryptocurrency. “Your anti-crypto bot is really annoying. You can’t even post GBTC… which is a Wall Street investment. Imagine “, mentioned a user in r / bitcoin.

In fact, there is not much acceptance in the bitcoin community about what happens in the WallStreetBets forum, at least that is what is appreciated by what that several users comment. Many don’t think it’s a good idea to consider bitcoin as a short investment and putting it that way can be an insult. For this reason, in a recent post a user posted a warning apparently aimed at new members: “Leave your WSB autism at the door.” The statement is backed by more than 1,000 reactions and 118 comments.

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“Bitcoin doesn’t need your help with some kind of artificially induced bomb or scheme. Bitcoin is not a meme action to play with. Bitcoin is the future of money. Bitcoin really does have fundamentals and networks to support its price growth. In 5 years, Bitcoin will likely continue to hold this level or more and go up. We don’t need investors to hear that bitcoin is a game and that it has to be rigged to go up. So please leave your wsb autism at the door and stop comparing bitcoin to gme in any way or suggesting a short squeeze move.

Post on Bitcoin subreddit.

Last week CriptoNoticias reported how the WallStreetBets movement was impacted a few hours after it occurred. At that time, new Telegram channels and hundreds of accounts had been created on Twitter related to the decentralized forum that caused chaos on Wall Street.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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