The notorious WallStreetBets (WSB) Reddit community released a subreddit on Friday that suggests the group may start to focus on expanding their investments into crypto-assets. The WSB subreddit now has almost 11 million followers and the newest one has over 12,000.
The WBS community has recently made its mark in the industry by carrying out the Gamestop short squeeze and bringing a number of huge fund managers to their knees at the beginning of this year.
The moderators of WSB said in a post, “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 WSB moderators also revealed that they have always kept cryptocurrencies out of r/wallstreetbets because it just isn’t what the community was about however, with the popularity of crypto trading on the rise, the moderators have started to feel that crypto does belong in the space.
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The authors of the subreddit post made it clear that the new r/wallstreetbetscrypto will be part of the same community, with the same format and things that people love about WSB and that it will be run by the same people.
The feedback on Reddit has been largely mixed. One Reddit user, Orzorn, praised the move saying, “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.”
R/wallstreetbets has 12.5K members that actively share the latest in crypto news, memes and also share their opinions on the market. The moderators of WSB chose to create a separate subreddit so that the introduction of crypto does not detract from their stock market focus. Wallstreetbetscrypto mainly talks about three cryptocurrencies: Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE) as the moderators want to keep the thread clear of spam.
Since the Reddit group started to allow talk of cryptocurrencies back in April, their view on the assets seems to have changed and WSB involvement in crypto may increase over the next few months.
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