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Reddit’s WallStreetBets Community Moves Into Crypto

Organizers Reddit’s WallStreetBets community rolls out a spinoff subreddit focusing on cryptocurrency.

WallStreetBets Crypto Goes Live

Additionally, The new subreddit is WallStreetBetsCrypto and will be operate by the same moderators in the same format.

This method is from the announcement on Wednesday by the forum.

Moreover, Other types of investment discussion can go on WallStreetBets by members, except for cryptocurrency. Moderator bawse1 explains that crypto discussion is on ban since April.

Additionally, this is due to concerns about crypto topics taking over the forum entirely.

“We always kept crypto out of wallstreetbets because it just isn’t what this community is about,” he noted.

Later, he drafts a room “to allow at least some discussion” by allowing only Bitcoin, Ethereum, and Dogecoin conversations.

So, the policy was live in April but was later reversed, leaving members with no reliable way to discuss cryptocurrency.

Rising Controversies

WallStreetBetsCrypto’s popularity spiked this year when members shorted Gamestop stock (GME) en masse via Robinhood’s trading app. Furthermore, The rush made Robinhood to briefly suspend trading.

Later, the U.S. government came into the scene via hearings attended by the CEOs of Reddit and Robinhood.

Also, the January’s Dogecoin surge is link to WallStreetBets too.

A Twitter user responsible for mass investment in doge associates with the group.

Expectations are on the the new crypto subreddit. However, it may not make much imoact as much as its parent group any time soon.

Also, WallStreetBets has 10.8 million readers, WallStreetBetsCrypto has only 13,800 readers.

However, an earlier unlinked subreddit as cryptosteetbets has 30,000 readers so far.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.