Bitcoin Subreddit Reaches 2 Million Subscribers After GameStop Controversy

One of the most popular online Bitcoin communities surpassed two million subscribers in a spike in activity on Friday, purportedly due to media attention to the r/Wallstreetbets subreddit.

According to analytics website Metrics For Reddit, the r/Bitcoin subreddit had 2,184,941 subscribers at the time of publication, making it the 178th most popular subreddit among more than 100,000 active pages. The Bitcoin (BTC) subreddit hit two million subscribers on Friday, more than 18 months after hitting one million.

Although most of the subreddit’s growth after the 2017 bull run has been gradual, interest in r/Bitcoin exploded last week, with more than 200,000 accounts subscribing to the page between January 26 and January 30, from 1,982,681 to 2,184,941.

Many of the new subscribers may have been drawn to the subreddit after a major media outlet reported retail investors from r/Wallstreetbets against a Wall Street wholesaler selling GameStop shares in the David and Goliath financial saga. As well as being covered by the Wall Street Journal and the New York Times, the story – and allegations of market manipulation by hedge funds and brokers – caught the attention of US lawmakers and featured prominently in yesterday’s Saturday Night Live sketch.

The r/Bitcoin subreddit was created in September 2010, two years after the release of the Bitcoin whitepaper. Since then, its impact on the crypto space has been immeasurable, providing news, rumors, memes, and comedy to Bitcoin newbies and HODLers.

Leave a Comment