Wall Street Bets reversed its decision to allow cryptocurrency chatter, refuting a media report that said the subreddit ‘bows to crypto”https://markets.businessinsider.com/” Currency News | Financial and Business News
Wall Street Bets only last week announced its members would be allowed to engage in conversations about cryptocurrencies on the popular financial discussion forum.
Discussions about bitcoin, ethereum, and dogecoin would be allowed within a daily thread after a group moderator said “I don’t see the point in delaying the inevitable anymore as crypto is here to stay.”
Multiple media outlets reported WSB’s announcement. But one in particular irked moderators.
The Reddit forum walked back on its decision to allow crypto discussions just one day later, after a Bloomberg headline didn’t go down well with the group.
“Due to the article that was written @bloomberg who somehow felt that “WallStreetBets Bows to Crypto” crypto discussion is banned indefinitely,” a moderator who goes by the username “bawse1” wrote in a post. “I’ve read a lot of dumb articles written about wsb. This one takes the cake.”
Some WSB members agreed with the decision, but many didn’t.
One popular comment said: “Since when does wsb listen to anyone other than ourselves? Literally only came to wsb today for the new thread bc I’m sick of gme,” a Reddit user wrote in reference to GameStop stock.
Another said: “RIP WSB CRYPTO 4/14-2021 – 4/15-2021.”
Wall Street Bets gained heightened attention this year as day traders on the forum boosted shares in GameStop and other heavily-shorted stocks in defiance of hedge funds and investing norms.
A recent academic study scraped all posts from the forum between 2018 and 2020 and found that members of the forum are more skilled and responsible than they get credit for.