Subreddit r/Wallstreetbets has banned crypto discussion forever following an article titled “WallStreetBets Bows to Crypto” published by Bloomberg on Thursday. A moderator on the subreddit has announced this on the same day the article was published.
“Due to the article that was written [by] Bloomberg who somehow felt that ‘WallStreetBets Bows to Crypto.’ Crypto discussion is banned indefinitely. I’ve read a lot of dumb articles written about wsb. This one takes the cake. P.S. Like always. Please be respectful.”
r/Wallstreetbets has updated its rules that all crypto and NFT related topics will be automatically removed from the forum.
“WSB is a big sub and to avoid us being shilled at every corner, we automatically remove content that mentions small cap stocks (Below $1B market cap), cryptocurrencies, NFT, and SPACs.”
The subreddit updated content guide also further stated:
“You can mention it in passing but posts whose sole topic is cryptocurrency or the underlying technology are not allowed. The crypto market tends to consist of small accounts and pump & dumps.”
r/Wallstreetbets with ten million members was the group responsible for hyping the price of Gamestop’s stock and DOGE (dogecoin). On Jan. 28, DOGE (dogecoin) recorded a new all-time high when its price reached $0.08.
According to Wikipedia, r/wallstreetbets a.k.a WallStreetBets or WSB is a subreddit where members can discuss stock and options trading. The group is also known for its aggressive trading strategies, which primarily revolve around highly speculative, leveraged options trading. Most of its members are young retail traders and investors who ignore fundamental investment practices and risk management techniques. With the implementation of the new rule, we won’t be expecting any participation from the subreddit group at pumping prices of cryptocurrencies anywhere in the near future.
But the increase in the prices of cryptocurrencies was not merely dependent on a certain group of people. The entry of institutional investors into the crypto market has highly attributed to the rise in the prices of digital assets. But a single man can single-handedly hype the prices of cryptos like BTC (bitcoin) and DOGE (dogecoin) in particular. Elon Musk has done it several times and has displayed his influence in the crypto world.