Reddit was buzzing in 2021 with a variety of topics, but one in particular stood out: cryptocurrencies. According to 'Reddit Recap 2021,' the most popular articles, topics, and conversations on Reddit over the last year, 'crypto' was mentioned 6.6 million times in 2021.
Reddit has been home to more than 500 bitcoin communities for more than a decade. "Reddit continues to be the hub for cryptocurrency enthusiasts as more redditors (reddit users) participate in conversation, whether seeking knowledge, assistance, or to celebrate significant victories," the business stated in its research.
Dogecoin, Superstonk, Cryptocurrency, Amcstock, and Bitcoin were the top five most popular cryptocurrency communities in 2021.
Reddit groups "Dogecoin: Who's still holding $DOGE?" and "bitcoin: Tesla buys $1.5b in Bitcoin" garnered 80.3K and 45.5K upvotes, respectively. In order to increase the visibility of a post, users can vote it up by clicking on the "up" arrow, which causes the post to rise to the top.
An interesting fact is that over 100,000 communities on Reddit house more than 430 million monthly active members.
A new report from Alphabet-owned search engine Google, titled "Google's 2021 Year in Search," shows that Dogecoin, Ethereum, and Shiba Inu are among the top-ranking cryptocurrencies. This year, "Dogecoin" and "Ethereum price" were the top 10 most-Googled news articles in the world.
According to Reddit's year-end assessment, 366 million posts were published by users in 2013, a 19 percent increase from 2012. More than 2.3 billion comments and 46 billion upvotes were posted on Reddit in November.
According to ICO Analytics, Shiba Inu was the most talked about cryptocurrency on Twitter in October. Shiba Inu topped the list of the 20 most talked about cryptocurrencies on Twitter, according to the research firm, with a 22% share of all crypto asset discussions on the platform, well outpacing Ethereum (8.1%) and Bitcoin (7.2%).
In a post on Reddit in January 2021, a Reddit user claiming to be a Tesla insider stated that the Elon Musk's electric vehicle company had purchased $800 million worth of bitcoin.
When it first emerged on Reddit on January 2nd, 2021, the post drew little notice, but it was given a second look a day later, after Tesla declared a $1.5 billion investment in bitcoin.
r/Tesla, a Reddit subreddit dedicated to Tesla content, appears to have deleted the post. In the Bitcoin subreddit, r/bitcoin, it was posted.
Reuter's news agency was unable to verify the user's identity, whether the user is a Tesla employee, or whether the post was updated from the original. TSLAinsider did not immediately respond to a message. An email sent to Tesla's press office went unanswered.
GameStop and other meme stocks have seen significant price movements in recent weeks because of the capacity of social media users on platforms like Reddit's WallStreetBets to band together and influence prices.
While Janet Yellen has promised to protect investors, she says financial market regulators must first gain a thorough understanding of the recent trading frenzy involving GameStop and other retail stocks before taking action.
Experts say the tipper may benefit from a gray area in regulation and enforcement because the US Securities and Exchange Commission (SEC) does not regard bitcoin as a security.
There was no quick response from the CFTC to Reuters' request for comment, and an SEC representative refused to comment.
When Tesla said Monday that it will invest over 8% of its cash reserves in bitcoin, it stated the move was part of a broader investment strategy designed to diversify and maximize cash returns, including retaining gold. The price of bitcoin had surpassed a record high, and it was expected to surge even higher.
"I told you so," TSLAinsider wrote after Tesla CEO Elon Musk's statement on Monday. "I was mocked and slammed and rejected."