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Reddit’s WallStreetBets To Expand Investments Into Crypto Assets

Reddit’s WallStreetBets To Expand Investments Into Crypto Assets
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The infamous WallStreetBets (WSB) Reddit community released a sub-report on Friday indicating that the group may start focusing on expanding its investments in crypto-assets. The WSB subreddit now has nearly 11 million followers and the latest one has over 12,000.

The WBS community recently made its mark in the industry by implementing a short Gamestop lobby and bringing a number of mega fund managers to their knees at the start of this year.

In a post, WSB moderators said, “Back in April, the idea was brought up that it was time to allow discussion about encryption here on r/wallstreetbets. It was a very positive response. We had a discussion between us about the modifications at the time to see if it would be a thing. “.

The WSB moderators also revealed that they always kept cryptocurrencies away from r/wallstreetbets because it was not about the community, and with the growing popularity of cryptocurrency trading, brokers began to feel that cryptocurrency belonged in the space.

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The authors of the subreddit post make it clear that the new r/wallstreetbetscrypto will be part of the same community, with the same format and things people love about WSB and that it will be run by the same people.

Comments on Reddit were pretty mixed. One Reddit user, Orzorn, praised the move, saying, “I think mixing cryptocurrencies and stocks in the same subregion would be disastrous because it would be between two completely different environments,” the user wrote. “Making it its own affiliate site overcomes all of these issues and gives people a place to discuss cryptocurrency without being flooded with stocks, and for us to discuss stocks without being flooded with crypto.”

R/wallstreetbets has 12.5K members who actively share the latest cryptocurrency news and memes and also share their opinions on the market. The brokers at WSB have chosen to create a separate subreddit so that the introduction of cryptocurrency does not detract from their focus on the stock market. Wallstreetbetscrypto mainly talks about three cryptocurrencies: Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE) as brokers want to keep the topic spam-free.

Since the Reddit group started allowing talk about cryptocurrencies in April, it seems their view of the asset has changed and WSB’s involvement in crypto may increase over the next few months.

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