- WallStreetBets has succumbed to cryptocurrency pressure.
- The forum’s moderators have agreed to allow cryptocurrency-based discussions.
- WallStreetBets rose to prominence amid the GameStop saga.
- Cryptocurrency discussions on the forum may lead to crypto prices rising.
WallStreetBets Indulges Crypto
Lots of breakthroughs have happened in the crypto space over the past few months. Bitcoin has hit an all-time high of $63,729, Coinbase has been listed on Nasdaq, and the market capitalization of cryptocurrencies keeps increasing. In this context, the moderators of WallStreetBets could not keep turning a blind eye to the crypto wave. A moderator going by the name “bawse1″ posted on the forum to announce the decision to allow cryptocurrency discussions.
Explaining the reason for the decision, “bawse1” added, “I don’t see the point in delaying the inevitable anymore as crypto is here to stay.”
In its defense, the platform said it had previously disallowed posts solely on Bitcoin, Ethereum, and other cryptocurrencies because those posts would have defeated the purpose of the forum.
According to the moderators, the forum was made to discuss and share ideas relating to stocks and Wall Street. If cryptocurrencies were allowed, they argued, it could defeat the forum’s purpose, with the euphoria around decentralized finance and digital assets threatening to relegate stocks to the background.
What The Announcement Means For Bitcoin And Other Digital Assets
The wave of cryptocurrencies in recent times can’t simply be swept under the carpet. Cryptocurrencies are here to stay, and they are taking over every platform.
From the inception of Bitcoin in 2009, more cryptocurrencies have sprung up, and people in trading all want a piece of the pie. Although it was not the forum’s initial intention to let users discuss Bitcoin-related subjects, it finally bowed to the pressure.
This decision by WallStreetBets is a win for cryptocurrencies and all digital assets. Cryptocurrencies are set to rise even further because the WallStreetBets platform is a forum where people follow the views of others to get into trading.
If Bitcoin, Ethereum, and other digital assets are being discussed on the platform, many Forex and stock market traders will eventually make the switch.
The move will lead to a symbiotic relationship as even WallStreetBets is in a pole position to benefit. Cryptos are being talked about on every platform, with exciting stories like Coinbase getting listed on Nasdaq. So with the recent development, users of WallStreetBets will discuss cryptos there rather than using a rival forum.
On the Flipside
- People may become scared of investing in cryptocurrencies because of the GameStop saga.
- Many investors who jumped on the bandwagon because of FOMO ended up with major losses.
- Without the support of WallStreetBets, cryptocurrencies have soared, so the move may not be the reason for the future rise of coins.
WallStreetBets And The GameStop Saga
WallStreetBets on Reddit was the force behind the GameStop saga. GameStop, a video game retailer, saw its shares rise astronomically due to conspiracy theories and crowd buying following a post on Reddit.
Powerful platforms like WallStreetBets may influence a cryptocurrency rise or crash, which may be bad news for traditional hedge funds.