Moderators on /r/WallStreetBets have created a new subreddit dedicated to cryptocurrency discussion. Previously, moderators restricted cryptocurrency discussion out of fear that it would take over the entire forum. The Reddit subreddit /r/WallStreetBets is controversial because of its role in the massive GameStop short selling that occurred this year.
Moderators on Reddit’s /r/WallStreetBets community have decided to launch a cryptocurrency-focused subreddit.
A Crypto Forum Has Been Established.
According to an announcement published on Wednesday, the new subreddit will be called /r/WallStreetBetsCrypto and will be run by the same moderators in the same format.
Although /r/WallStreetBets allows members to discuss most types of investments, cryptocurrency discussions are generally prohibited on the main subreddit. Moderator bawse1 explained that crypto-focused discussion has been considered since April, but has not been implemented due to concerns about crypto topics completely dominating the forum.
“We’ve always kept cryptocurrency out of /r/wallstreetbets because it’s just not what this community is about,” he explained.
Later, he discovered a way to “allow at least some discussion” by restricting conversations to Bitcoin, Ethereum, and Dogecoin. This policy was implemented in April and has since been reversed on several occasions, leaving members with no reliable way to discuss cryptocurrency.
WallStreetBets Is Still a Controversy
WallStreetBetsCrypto made headlines earlier this year when members collectively shorted Gamestop stock (GME) using Robinhood’s trading app. The incident caused Robinhood to temporarily halt trading. Later, the US government became involved, holding hearings attended by Reddit and Robinhood CEOs.
The January Dogecoin surge was also tangentially related to /r/WallStreetBets. Though there was no discussion of Dogecoin on the subreddit, one user associated with the group on Twitter was solely responsible for mass investment in the asset.
The new crypto-focused subreddit is unlikely to have the same impact as its parent group in the near future. /r/WallStreetBets has 10.8 million readers, but /r/WallStreetBetsCrypto has only 13,800.
In addition, an unrelated subreddit called /r/cryptosteetbets has attracted 30,000 readers so far.