Wallstreetbets Reinstates Ban on Cryptocurrency Discussions, Citing Bloomberg Coverage
The moderators of the famous Reddit forum Wallstreetbets, known for putting Gamestop (GME) stock prices on the map as a worldwide trending topic, lifted a ban on all discussions related to bitcoin, ethereum, and dogecoin. However, the decision has been reversed after a recently published Bloomberg article.
Bitcoin, Ethereum, Dogecoin Were Allowed to Discuss for Just One Day
On April 14, 2021, Wallstreetbets moderators issued a statement, commenting about why they’ve been banning crypto-related discussions within their threads, citing that its main focus is the stock market. They continued to elaborate on the matter:
After much deliberation, we’ve decided to allow for discussion about only BTC, ETH and DOGE only inside of a daily Crypto discussion thread as to not burden everyone with crypto spam. All rules will still apply outside of the thread but for now please keep it in the daily thread only as we gauge if this is something that is right for our sub. Just to be clear, we are not a crypto subreddit. We’re just trying to find a place for you guys within our subreddit.
Some users even joked with the recent Coinbase listing in the stock market. “Ah, someone must have bought a position into COIN. Great timing mods,” said a Reddit user.
Bloomberg’s Coverage Helped to Reverse the Ban Lifting
In the wake of the decision, mainstream media echoed the announcement, such as Bloomberg, who wrote an article headlined “Wallstreetbets Bows to Crypto Wave, Allows Bitcoin Discussion.”
Such an article, plus other ones published in the press, displeased Wallstreetbets, who reinstated the ban on Thursday.
A moderator commented in the thread, “RIP WSB CRYPTO 4/14-2021 – 4/15-2021”:
Due to the article that was written @bloomberg who somehow felt that ‘Wallstreetbets Bows to Crypto.’ Crypto discussion is banned indefinitely. I’ve read a lot of dumb articles written about WSB. This one takes the cake. P.S. Like always. Please be respectful.
Wallstreetbets members made the headlines at the beginning of 2021 for pumping almost 2,000% of the video game retailer Gamestop’s stock prices via short squeeze.
What do you think about the decision taken by Wallstreetbets? Let us know in the comments section below.
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