r/Bitcoin adds 100k+ Members in One Day

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Following r/WallStreetBet’s takedown of hedge funds and the subsequent asset freezing on Robinhood, a block of mainstreet traders is moving into crypto.

The Crypto Universe is Expanding

In the wake of Wallstreetbets’ hedge fund takedown, some traders are getting into crypto. Frustrated by the rage-fueled institutional response to a forced shortsqueeze that took 50% of one hedge fund’s value, retail equities investors seem to be moving into crypto. This is reflected on Reddit, with a wave of new readers on /rBitcoin.

Though hedge funds and some business news media have accused groups of online retail traders of conspiracy, there seems little ground to suggest the rebels were breaking the law. Podcaster Anthony Pompliano called the halting of trading, “Un-American.”  

In fact, watching “the little guy” stand up to big investors has inspired many to come to a place where institutional investors are not needed: Decentralized Finance. There has also been talk of a fully decentralized stock exchange.

Perhaps the biggest indicator of Bitcoin interest is the subreddit r/Bitcoin. It saw an increase of 100,000 subscribers over the course of a single day. This brought the group’s total to over 2.2 million users.

On Friday, Jan. 29, 2020, the influx of new users to major exchanges like Coinbase, Kraken, and Binance resulted in a slowing and halting of crypto trading. Though it is a shame the companies could not keep up with demand, it does demonstrate the rise of interest in the space.

And then, of course, Elon Musk called himself the CEO of Dogecoin. Then he changed his Twitter profile to just “Bitcoin.” That might have gotten a few entrepreneurial Musk-ites on board with crypto, as his tweets pumped Bitcoin 15%.

Bringing Home the Bacon

In addition to interest by retail investors and traders, the crypto space has also seen a pretty big jump in job availability. Podcaster Anthony “Pomp” Pomliano probably illustrated this best.

On Jan 27, 2020, Pomp announced a new webpage where companies can post job openings in the crypto industry. Some heavyweights using the site include Gemini, BlockFi, and Coinbase.

In a similar move, Celsius Network CEO Alex Mashinsky posted about jobs opportunities at Celsius. In a tweet, he said the company was hiring a whopping 100 new individuals with opportunities to earn Celsius’ coin (CEL) aplenty. 

Finding a Crypto Job

One of the ways that this bull run is different from the one in 2017 is the number of professionals in the sector. Indeed, there are now many more blockchain developers and creatives familiar with the technology. Businesspeople have found businesses to invest in and manage. 

That means that there are a lot more jobs popping up. Nonetheless, crypto is new technology and a new space, and there are some less-than-professional businesses out there. 

Finding a job in crypto can be challenging, even though demand is high enough for less experienced candidates to be hired. Here is a good video explaining the current state of crypto jobs:

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Moon? When?

It remains unclear how much this media interest is affecting crypto prices. Bitcoin’s price has been consolidating for some time. This is normal for Bitcoin in Q1, according to analyst Willy Woo.

With the current flows of capital coming in, the consolidation floor is expected to be $29k on daily closes (short of a black swan event), upper bound would be $56k (but rising quickly each day).

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