r/Wallstreetbets Shows Bloomberg That They Do Not ‘Bow To Crypto’
By Tyler S. - Crypto Investor - 16/04/2021
Following a Bloomberg article titled “WallStreetBets Bows to Crypto,” subreddit moderator u/bawse1 declared on Thursday that r/Wallstreetbets has now permanently banned crypto discussions. Just the day before, the same moderator formally confirmed that the subreddit will now allow crypto discussion restricted to buying and sellingBitcoin (BTC),Ether (ETH), and Dogecoin (DOGE). The following is the latest post:
“Due to the article that was written [by] Bloomberg who somehow felt that ‘WallStreetBets Bows to Crypto.’ Crypto discussion is banned indefinitely.”
According to a Thursday update to the rules of r/Wallstreetbets, the subreddit would automatically delete material referencing cryptocurrencies as well as nonfungible tokens. It’s stated that users can talk about it if it’s mentioned in a conversation, otherwise posts that have a complete topic based around cryptocurrency are not permitted, according to the subreddit's content guide.
R/Wallstreetbets, which was established in 2012, is a subreddit where members discuss stock and option trading. The subreddit, which has nearly 10 million members, became incredibly famous this year after r/Wallstreetbets collectively pumped GameStop's stock, which skyrocketed from around $20 in early January to above $340 on Jan. 28.
Although the GME craze has somewhat subsided, with the stock currently trading at $158 at the time of writing, the price to buy DOGE has been consistently hitting new all-time highs lately, including a new peak of $0.29 on Friday. The altcoin has gained more than 380% in the last seven days and more than 6,000% in the last year.