r/bitcoin community surges in numbers after GameStop

The frenzy over GameStop last week appears to passed, somewhat like a virus, to Reddit’s Bitcoin community over the last few days. It is one of the largest communities on Reddit, and it has now passed the two-million-member mark.

Cointelegraph reports that the Metrics For Reddit analytics website shows that subreddit r/Bitcoin has “2,184,941 subscribers at the time of publication, making it the 178th most popular subreddit among more than 100,000 active pages,” and that it hit a membership milestone last Friday.

Around 18 months ago, the community had one million members, which had stayed more or less constant, until the subreddit, r/Wallstreetbets, quickly became one of the biggest news stories of January 2021.

And it appears that the GameStop story is what attracted a host of new members to the Bitcoin community. It was a David versus Goliath story, with retail investors managing to inflict harm on the large hedge funds who were shorting GameStop stock. It made lawmakers pay attention to this market and even became a sketch on ‘Saturday Night Live’.

The r/Bitcoin subreddit was created in September 2010, and since then it has been very influential in the crypto community, “providing news, rumors, memes, and comedy to Bitcoin newbies and HODLers alike.”

In other Bitcoin news, Elon Musk, the CEO of Tesla, said, “I am late to the party, but I am a supporter of Bitcoin.” That may be so, but his influence is interesting. On 29th January, after he added ‘Bitcoin’ to his Twitter bio, the Bitcoin price rallied by more than 14% in 30 minutes. Furthermore, he also said, “I think Bitcoin is on the verge of getting broad acceptance by conventional finance.” Others, such as Dan Tapiero, a partner at 10T Holdings, said, referring to Musk, the richest man in the world being a Bitcoin supporter “feels good.”

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