WallStreetBets Puts Crypto In Its Crosshairs With New Subreddit

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Jaroslaw Adamowski

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Jaroslaw Adamowski

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June 26, 2023 06:55 EDT

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A recent development in Reddit’s notorious WallStreetBets (WBS) community suggests the group’s focus could be expanding to cryptoassets, with a new subreddit launched by what appears to be the same team of moderators. 

The WSB subreddit now has almost 11m followers, while the new one – over 12,000.

WBS community has risen to prominence by carrying out the GameStop short squeeze and bringing a number of hedge fund managers to their knees inat the beginning of this year. 

“Back in April, the idea was floated that it was time to allow discussion about crypto here on r/wallstreetbets. The response was overwhelmingly positive. We had a discussion amongst us mods at the time to see if it would be something,” the moderators said in a post in which they unveil r/wallstreetbetscrypto. 

Per the post, they “always kept crypto out of r/wallstreetbets because it just isn’t what this community is about.” But with many people trading crypto now, “times have changed and crypto does seem to belong here,” they said.

The post’s authors claim r/wallstreetbetscrypto is part of “the same community, same format, same things you love about wallstreetbets, run by the same people.”

Users’ feedback has been mixed, but numerous Redditors, such as Orzorn, praised the move to separate the ongoing discussions on stock and crypto.

“I think mixing crypto and stocks into the same sub would be disastrous because it would be two totally different environments mixing,” the user wrote. “Making it its own subreddit gets around all of these issues and gives a place for people to discuss crypto without being drowned out by stocks, and for us to discuss stocks without being drowned out by crypto.”

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– Are GameStop-Style Surges In Crypto Any Different From Old Pumps & Dumps?
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