The popular Reddit forum- WallStreetBets (WSB), gained worldwide prominence earlier in the year when they helped boost GameStop’s stock price. In January, the famous Reddit forum investors pushed GameStop’s shares from $20 to about $480. Unfortunately, that action resulted in a short squeeze and unfortunately forced many hedge funds like Melvin Capital to liquidate massive bets against the stock. The long-term effect of that incident left hedge funds with losses, as popular stock trading firm- Robinhood had to halt stock trading.
WSB members can now discuss Bitcoin, Ethereum, and Dogecoin
However, the Reddit forum’s moderators have now permitted the members of the group to discuss cryptocurrencies like Bitcoin, Ethereum, and Dogecoin. Before this time, the WSB forum has always been known to discuss stocks, as most of its members are Wallstreet Bulls. Surprisingly, the moderators’ decision to allow members to talk about cryptocurrencies has come as a shock to many, especially the forum members.
However, this signifies that traditional investors now prefer to commit funds into digital assets, as the adoption of cryptocurrency continues to be high. One of the public forum’s moderators, Bawsel, thinks that cryptocurrency adoption has continued to spread like comprehensive fire, and the group should not be the last to discuss the booming space.
Bawsel believes that cryptocurrencies have become a part of every typical investor’s life and confirmed to the group members that they can now discuss Bitcoin, Ethereum, and Dogecoin. However, the moderator has also confirmed to the group that while they are open to discussing cryptocurrency, they will be a few restrictions. He obliged them to limit their cryptocurrency discussions to just a single thread, as the group does not want to bore other members who are currently uninterested in crypto.
Investors continue to be attracted to cryptocurrencies
The new update by the WSB forum shows that the interest of traditional investors in digital assets has surged. Before now, stocks have always been the main interest of many investors, as digital assets’ unavailability meant they had to do with what they have.
However, the uprising in fortunes of many digital assets like Bitcoin, Ethereum, and co., have started to attract investors, considering the number of returns the digital assets are poised to yield for investors. Earlier in the year, reports surfaced that many gold investors have started to trade off the traditional asset for Bitcoin, as the traditional asset’s fortunes have begun to drop significantly.
Unfortunately, while the craze around digital assets has been so high, many business analysts believe that they are not a good hedge against traditional stocks due to their volatility and unstable nature. However, while these are the analysts’ concerns, many investors are predicted to continue to flock to the crypto space, as the market is expected to grow by three times its size by December 2021.