Reddit Forum WallStreetBets Allows Crypto Conversation, Immediately Re-Bans It

A Bloomberg article apparently inspired the ban’s reinstatement.

AccessTimeIconApr 15, 2021 at 8:29 p.m. UTC
Updated Sep 14, 2021 at 12:41 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Reddit forum famous for making GameStop’s (GME) stock price a household topic has banned all discussion of cryptocurrencies less than 24 hours after tentatively allowing a daily discussion thread, with restrictions.

WallStreetBets, a subreddit that describes itself as “like 4chan found a Bloomberg terminal,” has long banned cryptocurrency discussion. It lifted this ban on three cryptocurrencies – bitcoin, ether and dogecoin – though it continued banning “crypto spam” on Wednesday, after Coinbase’s direct public listing. 

On Thursday, the ban was reinstated, citing the deleterious effects of a Bloomberg article.

“Due to the article that was written @bloomberg who somehow felt that ‘WallStreetBets Bows to Crypto,’” wrote moderator u/bawse1. “Crypto discussion is banned indefinitely. I've read a lot of dumb articles written about wsb. This one takes the cake.”

The moderator wrote on Wednesday that the “negatives outweighed the positives” with regard to allowing crypto discussion on the forum, saying WSB is primarily focused on the stock market. Still, the moderator acknowledged that “there are just as many” individuals who are interested in crypto.

The top reply: “RIP WSB CRYPTO 4/14-2021 - 4/15-2021.”

WSB, which has existed on Reddit for about nine years, hit mainstream attention at the end of 2020 and beginning of 2021 after pumping GameStop’s stock price nearly 2,000%, spurring multiple investigations and congressional hearings

The stock pumping also raised questions about Robinhood’s “payment for order flow” method, as well as the role of the Depository Trust and Clearing Corporation, which underpins the entire U.S. public stock market.

Jamie Crawley contributed reporting.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about