WallStreetBets Investors Are Coming to the Conclusion that ‘Bitcoin is the Way to Beat Wall Street’
After all that occurred last week between Wall Street Bets and Robinhood, the retail traders who make up what’s been described by some supporters like Reddit founder as “revolution” recognize the need for decentralization.
“You can't beat Wall Street using Wall Street. Switch to Bitcoin and watch the powerful become powerless,” tweeted WSBChairman to his more than 949k followers on Twitter.
This is not the first time that a crypto-friendly tweet came from WSBChairman. On Monday, the Twitter handle posted about Bitcoin being the “only way to truly stick it to Wall Street.”
“The era of cryptocurrency has arrived,” he tweeted the very same day only to add in a subsequent tweet, “Cryptocurrency has never had a better argument for its use.”
Interestingly, unlike Wall Street, where a few powerful people hold the majority of the stakes, in the world of Bitcoin, it’s the smallest participants that hold less than 1-10 BTC, that are estimated to have increased by 130% since 2017 bull market, as per Glassnode data.
The second smallest participants, those holding between 10% to 100%, grew by 14%, while the large entities, those with 100-1k BTC and 1k-over 5k, have decreased by -3% and -7%, respectively.
This movement is also seeing former President of TD Ameritrade, Asif Hirji calling out for a “decentralized stock exchange.”
Muck like Hirji, billionaire Mark Cuban also feels stocks will make their way on the blockchain in the future “and that will make the markets much more efficient, transparent and available to the small investor,” he wrote during his Reddit AMA session on Tuesday. He also said: “I think blockchain is the future, I don't know if it's decentralized or private.”
The owner of Dallas Mavericks, who has started seeing the potential in the cryptocurrencies and NFTs, also said he sees DeFi and non-fungible tokens having the potential to “explode in the next 10 years.” But “there will be a lot of ups and downs along the way,” he added.
He also revealed that he owns DeFi tokens AAVE and Sushi and Eth, BTC, and LTC.
As we reported, the cryptocurrency market has been capitalizing on this opportunity as crypto exchanges like FTX and Bitfinex listed the popular stocks among the retail traders. FTX’s crypto tracking app Blockfolio also jumped in and announced crypto and stock trading.
Crypto trading platforms already started to register record user sign-ups, traffic, and volume amidst the “marketing ad for Decentralization.”