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Gamestop Controversy Leads Bitcoin Subreddit To 2 Million Subscribers

The r/Bitcoin subreddit stands, as one would imagine, as one of the most well-known Bitcoin communities out there. However, in a surge of activity that happened on Friday, the subreddit has managed to surpass the 2 million user mark.

This is apparently thanks to the massive spike in media attention focused on r/Wallstreetbets, and their spectacular pump-and-dump strategies that are violently disrupting the hedge funds.

Bitcoin Gaining From Gamestop Fiasco

The analytics website, aptly named Metrics For Reddit, has shown that r/Bitcoin has managed to accrue a total subscriber count of 2,221,348 users at the time of writing. It was on Friday when the Bitcoin subreddit had managed to achieve the two million subscriber mark, doing so just over 18 months after it managed to push into the one million mark.

The subreddit has, as one would imagine, only seen gradual growth throughout its existence, with two notable exceptions. The first exception was back during the great bull run of 2017, but the second is this recent one. An excess of 200,000 new accounts subscribed to the subreddit just last week, exploding its user count from 1,982,681 on the 26th of January to 2,184,941 on the 30th of January.

Big Investors Waiting for Bitcoin and Tesla Bubbles to Burst

Biting The Rich Sounds Ever-More Promising

The biggest speculation is that r/wallstreetbets is to blame for the massive subscriber increase. In particular, the subreddit is downright famous at the point, with massive mainstream media coverage, thanks to the group of internet users managing to go toe-to-toe against Wall Street and its traders.

These traders opted to short-sell Gamestop stocks, which didn’t work out so well once a horde of devoted users started to buy up Gamestop stocks. What came after was a very large, very interesting dilemma, as brokers and hedge funds accused this coordinated assault as market manipulation while they themselves do it on the regular.

Dogecoin The Face Of Crypto Pumping

It seems this sentiment of sticking it to centralized finance has started to boil over, causing other groups to surge in popularity. The r/Bitcoin subreddit was launched just two years after Bitcoin saw its whitepaper released, buck in September of 2010. As one would imagine, the subreddit has had an incredible influence within the crypto space, as it served as a hub for comedy, news, memes, and rumors for users both new and seasoned within the space.

Time will tell if any such major movement will affect Bitcoin, although the crypto space already has its own version of this. The r/Satoshistreetbets subreddit has opted to pump to Dogecoin, a meme coin that already saw some pump and dumps in its time, to brand new all-time highs, using Gamestop’s debacle as inspiration.

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    A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.