The traditional media have now been attracted to r/Bitcoin, courtesy of Gamestop Short Squeeze. Meanwhile, many stock market participants have expressed their grievances over alleged maltreatment meted to them by institutional investors. Some investors who were retail traders who were hitherto investing in only stocks have started diversifying to cryptocurrencies partly because of the ban on Robinhood’s stock trading. Recently, r/WallStreetBets took down some stocks and froze trading activities on them. Later, Robinhood assets were frozen. Many traders who saw these steps as punitive and harsh have decided to shift their focus to trading cryptocurrencies– a decentralized investment option.
New Investors are Joining the Crypto World Daily
As soon as Wallstreetbets took down some hedge funds, many stock traders started looking for different alternatives. The traders were enraged by the authority’s harsh treatment of some hedge funds where some of them lost half of their value. This has prompted many individual investors to shift focus to crypto investment. The increasing number of readers of /rBitcoin is a testament to this fact.
Although some institutional investors and traditional media have lately been accusing groups of some individual online investors of conspiring against institutions, the accusers have not proved beyond doubt that the online retail investors’ groups are violating laws related to investment.
According to a Podcaster named Pompliano Anthony, a retail trader, the stoppage of trading on Robinhood was undemocratic and ought to be confronted. Anthony’s courage to confront institutional investors has motivated numerous willing traders to shift their attention to an investment alternative that is more transparent and not restrictive. Unlike the traditional stock exchange, this alternative is fully decentralized.
Subreddit r/ Is a Good Indicator of Bitcoin Interest
Subreddit r/ is probably one of the best yardsticks for measuring the rate at which investors are attracted to Bitcoin. The indicator recorded a 100K rise in the number of users interested in Bitcoin in just 24 hours. As of the time of writing this report, the group boasts of 2.2 million members. Last year, the entrance of new members into popular exchanges such as Binance and Coinbase caused the trading of cryptocurrencies to slow down.
Although It is disappointing that firms cannot meet the increasing demand, the development is a testament to the point that the crypto world is gaining new members daily. As soon as Elon Musk updated his Twitter Bio, referring to himself as the Chief Executive Officer of Dogecoin and changing his Twitter Bio to “Bitcoin,” many crypto traders were excited and bought some crypto assets, especially Bitcoin that jumped by 20% in just a few hours.
Apart from the renewed interest individual investors have shown for crypto trading, the crypto world has contributed immensely to employment availability. Last year, Pomp launched a new page that was meant strictly for crypto-related jobs. Big crypto companies like Coinbase and Gemini are patronizing the webpage. Pomp revealed that the company’s aim of launching the webpage was to integrate many talents into the crypto world. Likewise, Celsius CEO also advertised open jobs in his company.