Bitcoin Subreddit Grows to 2.2 Million Members
r/Bitcoin now has more subscribers than r/Apple but still has a way to go to match up the tech giant’s over $2.2 trillion market cap.
While price-wise, the Bitcoin market is calm and in a resting stage around $33,000, the same is not the case for its adoption.
One of the areas we see this growing adoption is the subreddit for the currency of the Internet, r/Bitcoin, whose members have surged to more than 2.2 million.
Created on Sept 9th, 2010, the Bitcoin subreddit recorded an unprecedented growth in 2021.
The number of total Bitcoin subreddit subscribers started trending up during the last bull market of 2017 and continued its growth since then, but with a sharp uptick seen in just one month in 2021.
2020 ended at around 1.85 million subscribers, only to jump to 2,221,348 today. On Dec. 10, 2017, Bitcoin first hit 500k subscribers, then 1 million was met on July 13, 2019.
The 2 million subscribers milestone was hit just last week on Jan 29. This makes sense, given that last week, crypto trading platforms also registered heightened traffic and new user-ups.
We had more @blockfolio downloads yesterday than in any single day of 2017.
— Edward Moncada (@EdwardAMoncada) January 30, 2021
r/Bitcoin subreddit currently has a ranking of 173, down from 112 in 2018 and 2019.
This growth in Bitcoin subreddit is the result of WallStreetBets taking a liking to the cryptocurrency market.
r/wallstreetbets itself is recording immense growth. Last week on Wednesday, the subreddit had 3.6 million members, which grew from 2 million the previous week. Today, the r/wallstreetbets has 7.7 million degenerates.
Besides the WSB influence, the price of BTC is trending up, which is bringing the retail to the digital currency with a limited supply in the world of relentless money printing.
“The more they mess with the free markets, the more the world abandons the old system and joins the new,” noted Charles Edwards of Capriole Investments as the number of people joining the Bitcoin subreddit increases 3.6x of 2017 peak.
r/Bitcoin has also flipped r/Apple in subscribers; however, the leading digital currency still has a way to go to match up the tech giant’s over $2.2 trillion market cap. While Apple is the largest asset by market cap, Bitcoin has fallen out of the top 10 with a market capitalization of $622 billion, as per Asset Dash.