Stock Trading on Blockchain Is Going to Be The Next Big Wave: WallStreetBets Founder

Divya  |  Aug 2, 2021

Almost 10 years ago, Reddit community WallStreetBets made its debut online to enable traders to make aggressive bets on the stock markets. Today, it has evolved into an influential group of over 10 million amateur and professional investors who sent out shockwaves in the world with their maneuvering of Gamestop equities in January. The subreddit’s founder Jamie Rogozinski appeared in a string of interviews recently, where he talked about crypto and the next big wave in stock markets -- trading on the blockchain.

WallStreetBets Founder Thinks Stock Trading on Blockchain Is the Next Big Thing

During an interview with Yahoo Finance, Rogozinski, who’s no longer associated with WallStreetBets, said that the market could pivot to stock trading on blockchain in the future. This means individuals could directly purchase and sell shares to each other without a third party in the process.

"I think the next wave will be when we start seeing stocks being traded on the blockchain,” he stated. “If we're talking about reducing the barriers of entry into the market, crypto is already getting into tokenized stocks, being able to purchase, and then really the floodgates completely open."

In a separate interview, Rogozinski admitted that he was surprised by the crypto community’s overwhelming response to the Gamestop incident. He also revealed that he was unsuccessful at buying Bitcoin in its early days because there was no “intuitive” approach to acquiring it. 

As for the prospect of adding crypto to WallStreetBets, Rogozinski said that he’s “super excited” and the community will wait and see “where it goes.” He was initially against the idea of discussing digital assets on the subreddit. 

"I directly said 'no crypto on WallStreetBets' because crypto is just another asset class that's uninteresting and still in its infancy,” he told Benzinga’s show Power Hour. “So the execution and stuff is not very good … people just like to talk about how much Bitcoin costs and that's not interesting either, but by golly am I wrong."

Rogozinski Is Building a DAO for WSB Token Owners

In his attempt to further his involvement with the crypto industry, Rogozinski is working with blockchain experts to create a decentralized autonomous organization (DAO). The proposed organization will give WSB token holders governance rights and put together exchange-traded portfolios (ETPs) that combine equities with crypto. These ETPs would come with a 2% annual management fee, which will be combined into a treasury wallet. Members governing the DAO can then decide how these funds would be utilized.

Related News