Despite Bitcoin’s search interest on Google being only a fraction of what it was in late 2017, subscribers to r/Bitcoin on Reddit have continued to rise. The subreddit now boasts some 1,125,000 subs.
It seems that the bear market has not put a serious damper on Bitcoin interest on Reddit. The r/Bitcoin subreddit has continued to explode in popularity. It has grown by 500,000 or so subscribers since January 2018.
A Surprise Interest in Bitcoin
The success of r/Bitcoin is in stark contrast to the asset’s lackluster popularity on Google Trends. Despite the price rise this year, months ago, it was reported that Google search interest for the leading cryptocurrency seemed to be uncharacteristically low. In May, the asset was only at 10% of its all-time high in Google search interest. It has continued to stagnate in this same zone for much of the summer. However, r/Bitcoin seems to be booming and has maintained a steady uptick of new subscribers throughout the bear market and beyond. Another surge of new members came in July and August, a positive sign for the already-massive Reddit community. Currently, the subreddit boasts some 1115 comments per day and 158 posts per day.
The undeniable upward trend is something to celebrate, but the mods of the subreddit still cautioned against valuing a subreddit purely based on subscriber metrics. This is primarily due to the fact that it does not cost anything to make a Reddit account and some of the subscribers may be bots. Still, the uptrend in subscriber count seems legitimate.
Leading Toward Long-Term Bitcoin Growth
The growth of r/Bitcoin subscribers indicates that the core group of long-term holders is growing. Those that subscribe to the subreddit tend to be more serious about the long-term prospects of Bitcoin, and are thus more ‘in the know’ about the leading cryptocurrency’s developments. Bitcoin needs to strengthen its core base of holders. With subscribers to its dedicated subreddit rising, it’s a reliable indicator that this is, indeed, happening. What do you think r/Bitcoin’s rise in subscribers says about Bitcoin’s community? Let us know your thoughts below in the comments. Buy and trade cryptocurrencies with a 100x multiplier on our partner exchange, StormGain.Images are courtesy of Shutterstock.
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