Known for putting GameStop (GME) stock prices on the map, the lifted ban is about the discussions associated with Bitcoin, Ethereum, and Dogecoin.
WallStreetBets Permitted Cryptocurrency Discussions for One Day
In the announcement made on April 14, 2021, WallStreetbets moderators cite that its main focus is on the stock market. They continued to elaborate on the matter as;
“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 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.”
It is observed that the thread starts flooding with the comments once the decision of allowing Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) discussions by WallStreetBets. Users even make jokes about the recent Coinbase listing in the stock market stating “Ah, someone must have bought a position into COIN. Great timing mods.”
Media Coverage Aids in Reversing the Crypto Ban Lift
The mainstream media echoed that the announcement headlined “Wallstreetbets Bows to Crypto Wave, Allows Bitcoin Discussion.”
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.”
The WSB members made the headlines in the first quarter of the year. According to Short Squeeze, the prices pumped approximately 2,000% of the video game retailer, Gamestop’s stock.