WallStreetBets, the Reddit forum that became popular for having GameStop’s stock price become a household name, re-banned all discussions, and conversations regarding cryptocurrencies.
The reinstatement of the ban came less than 24 hours after it cautiously allowed a restricted daily discussion thread.
It can be recalled that the forum has been, for a long time, banning digital currency conversations. It has lifted the ongoing ban on three currencies, namely Bitcoin, Ethereum, and Dogecoin, though forbidding of what they called “crypto spam” continued on Wednesday following Coinbase’s much-anticipated public listing. On Thursday, the total ban was re-enforced.
What Caused the Ban to be Reinstated?
According to a moderator of WallStreetBets, the indefinite ban returned following the effects of an article written by Bloomberg.
The moderator went on to say that it felt like the article was saying that the forum was bowing to cryptocurrencies, adding that there were many “dumb articles” written about WallStreetBets but the one being mentioned definitely takes the cake.
The explanation continued, saying that the negative effects of allowing crypto discussion on the forum outweighed the positives. Moreover, WallStreetBets focuses on the stock market.
The moderator, nonetheless, did not fail to acknowledge that there are many individuals interested in cryptocurrencies and their market.
The WallStreetBets Effect
The forum has been in existence on Reddit for almost a century now and is well remembered when it gained mainstream attention in the latter part of 2020 and early part of 2021 by making GameStop’s stock price rise nearly 2,000%.
The milestone, however, led to a number of congressional hearings and investigations. Still, the forum continued to blossom with pride.
Moderators from WallStreetBets might not say it directly, but it could be that the Bloomberg article hurt their pride in indirectly saying that they are bowing to cryptocurrency, hence, the indefinite ban.
Image courtesy of TLDR News US/YouTube