Bitcoin’s Subscriber Surge
The Bitcoin subreddit has recently experienced a phenomenal influx of subscribers—over 222,000 to be exact! This 22% growth in 2019 can be directly linked to the thrilling price increases of the cryptocurrency last summer. Who knew that a spike in value could lead to a spike in subscriber count too?
Milestones and Subscriber Growth
At the dawn of 2019, the /r/bitcoin subreddit celebrated a significant milestone by surpassing 1 million subscribers. Fast forward a year, the community welcomed more than 200,000 new digital currency enthusiasts. That’s like adding a small town to the digital crypto village!
The Bitcoin Bubble: A Community Response
Reddit has become a bustling hub for cryptocurrency discussions, with many industry players using it as a platform to connect directly with their fan base. The Bitcoin community first emerged back in late 2012 and really started making waves following that jaw-dropping spike to $20,000 at the tail end of 2017—a staggering growth of 1,950%. Talk about a roller coaster ride!
Correlation Between Reddit Discussions and Prices
In May, researchers from the University of Notre Dame and the Pacific Northwest National Laboratory dove into the connection between crypto discussions on Reddit and market prices. Their study, which scrutinized threads from several subreddits, suggested a robust correlation—the louder the chatter, the higher the prices tend to soar. Coincidence? We think not!
The Varied Views on Social Media Sentiment
However, not everyone is onboard with the idea that social media sentiment accurately represents crypto activity. One outspoken Twitter user, in response to the whirlwind subscriber growth, remarked on the potential for bots inflating these numbers. A head-scratcher, for sure! Are we witnessing a genuine community awakening, or is it just a mirage in the digital landscape?
+ There are no comments
Add yours