Amidst the WallStreetBets’ hedge fund takedown, the famous bitcoin community surpassed two million subscribers. The oldest and most renowned cryptocurrency subreddit, r/Bitcoin, a community established over a decade ago in 2010, just reached the significant milestone. It witnessed an addition of 100,000 subscribers over a single day. This caused the group’s total to over 2.2 million users.
As per the metrics for the Reddit analytics website, the subreddit r/Bitcoin has 2,184,941 subscribers. Thus, making it the 178th most popular subreddit amongst over 100,000 active pages. The r/Bitcoin reached the two million subscriber milestone on Friday. It reached two million subscribers after more than 18 months after reaching one million. However, the maximum growth of the r/Bitcoin was due to the 2017 bull run. But, interest in r/Bitcoin erupted last week, with over 200,000 accounts contributing to the page in Jan. 26-Jan. 30, from 1,982,681 to 2,184,941.
Factors contributing for surge in r/Bitcoin’s subscribers
Various factors are the reason behind the sudden increase in subscribers. On Friday, Jan. 29, 2020, new users’ introduction to significant exchanges such as Kraken, Coinbase, and Binance appeared to slow and halt crypto trading. Nevertheless, it is a disgrace that the companies could not meet the demand. It does describe the increase of interest in the space. Another reason behind the surge is Elon Musk declared himself the CEO of Dogecoin. However, later he shifted his Twitter profile to just “Bitcoin.” That might have received a few entrepreneurial Musk-ites on board with crypto, as his tweets elevated Bitcoin 15%.
Moreover, the r/Bitcoin came into existence in September 2010, two years after the Bitcoin white paper release. Since that time, its impact on the crypto space has been extensive, presenting news, rumors, memes, and comedy to Bitcoin HODLers and first-timers alike. Further, there are hundreds of subreddits devoted to specific cryptocurrencies and the ecosystem as a whole. Another remarkably thriving subreddit in the industry is r/cryptocurrency. It has nearly one million followers and is developing a similar growth trajectory as r/Bitcoin. The community is a few years younger than r/Bitcoin, though the general growth across all cryptocurrency subreddits expresses increased retail user interest.
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