r/Bitcoin adds 100k+ Members in One Day

Share Article
In Brief
  • The Gamestop Short Squeeze brought trading and crypto to the attention of the mainstream media.

  • Some stock traders have felt unjustly vilified by institutional investors.

  • Following Robinhood’s freeze on some trading, interest is growing in crypto as companies expand.

  • promo

    Gravity Dex Protocol: Bringing DeFi to Cosmos

The Trust Project is an international consortium of news organizations building standards of transparency.

Following r/WallStreetBet’s takedown of hedge funds and the subsequent asset freezing on Robinhood, a block of mainstreet traders is moving into crypto.

Sponsored



Sponsored

The Crypto Universe is Expanding

In the wake of Wallstreetbets’ hedge fund takedown, some traders are getting into crypto. Frustrated by the rage-fueled institutional response to a forced short squeeze that took 50% of one hedge fund’s value, retail equities investors seem to be moving into crypto. This is reflected on Reddit, with a wave of new readers on /rBitcoin.

Though hedge funds and some business news media have accused groups of online retail traders of conspiracy, there seems little ground to suggest the rebels were breaking the law. Podcaster Anthony Pompliano called the halting of trading, “Un-American.”  

Sponsored



Sponsored

In fact, watching “the little guy” stand up to big investors has inspired many to come to a place where institutional investors are not needed: Decentralized Finance. There has also been talk of a fully decentralized stock exchange.

Perhaps the biggest indicator of Bitcoin interest is the subreddit r/Bitcoin. It saw an increase of 100,000 subscribers over the course of a single day. This brought the group’s total to over 2.2 million users.

On Friday, Jan. 29, 2020, the influx of new users to major exchanges like Coinbase, Kraken, and Binance resulted in a slowing and halting of crypto trading. Though it is a shame the companies could not keep up with demand, it does demonstrate the rise of interest in the space.

And then, of course, Elon Musk called himself the CEO of Dogecoin. Then he changed his Twitter profile to just “Bitcoin.” That might have gotten a few entrepreneurial Musk-ites on board with crypto, as his tweets pumped Bitcoin 15%.

Bringing Home the Bacon

In addition to interest by retail investors and traders, the crypto space has also seen a pretty big jump in job availability. Podcaster Anthony “Pomp” Pomliano probably illustrated this best.

On Jan 27, 2020, Pomp announced a new webpage where companies can post job openings in the crypto industry. Some heavyweights using the site include Gemini, BlockFi, and Coinbase.

In a similar move, Celsius Network CEO Alex Mashinsky posted about jobs opportunities at Celsius. In a tweet, he said the company was hiring a whopping 100 new individuals with opportunities to earn Celsius’ coin (CEL) aplenty. 

Finding a Crypto Job

One of the ways that this bull run is different from the one in 2017 is the number of professionals in the sector. Indeed, there are now many more blockchain developers and creatives familiar with the technology. Businesspeople have found businesses to invest in and manage. 

That means that there are a lot more jobs popping up. Nonetheless, crypto is new technology and a new space, and there are some less-than-professional businesses out there. 

Finding a job in crypto can be challenging, even though demand is high enough for less experienced candidates to be hired. Here is a good video explaining the current state of crypto jobs:

Moon? When?

It remains unclear how much this media interest is affecting crypto prices. Bitcoin’s price has been consolidating for some time. This is normal for Bitcoin in Q1, according to analyst Willy Woo.

But the fact is, the battle between institutions and retail investors is heating up, and that fight is bringing interest into crypto. Will the two groups collide? When Ethereum Futures open on Feb 8, 2021, there might be some surprises.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Harry Leeds is a writer, editor, and journalist who spent much time in the former USSR covering food, cryptocurrencies, and healthcare. He also translates poetry and edits the literary magazine mumbermag.me.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go