cryptocurrency

WallStreetBets Bows to Crypto Wave, Allows Bitcoin Discussion


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© Bloomberg. The Reddit forum WallStreetBets on a smartphone seen through a magnifying glass arranged in Sydney, Australia, on Thursday, Jan. 28, 2021. WallStreetBets, the internet forum fueling a frenzy of retail trading, briefly turned itself off to new users Wednesday after a deluge of new participants raised concerns about its ability to police content, a notice on the website said. Photographer: Brent Lewin/Bloomberg

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(Bloomberg) — Even the moderators of WallStreetBets can’t hold back the rising crypto wave any longer.

The freewheeling web forum will start allowing discussion of Bitcoin, Ether and Dogecoin in a daily Crypto discussion thread, according to a post from moderator “bawse1” on the site. The group has a “No Cryptocurrency” rule forbidding posts devoted solely to digital tokens like Bitcoin and their underlying technology, and that still stands elsewhere in the forum.

“I don’t see the point in delaying the inevitable anymore as crypto is here to stay,” the post said. The forum has avoided posts on crypto for many years mainly because its “concern is that crypto discussion overtakes the core of what WallStreetBets is about, which is the stock market.”

Banned from Bitcoin Posts, WallStreetBets Turns to Crypto Miners

WallStreetBets, famous for the frenzy its users created in video game retailer GameStop Corp (NYSE:).’s stock, has also seen multiple references to outperforming shares of cryptocurrency miners such as Riot Blockchain (NASDAQ:) Inc. and Marathon Digital Holdings Inc. amid Bitcoin’s resurgence over the past year.

Euphoria around digital assets surged this week as Bitcoin hit a record of almost $65,000 before pulling back after the debut of the U.S. crypto exchange Coinbase Global Inc. on Nasdaq Wednesday.

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