If you don’t know what Reddit is, you should probably get to know it – and see why it is popular in today’s crypto news section of our website. As one of the oldest social media sites online, known as “the front page of the Internet” – Reddit is a great place to share stuff online. When it comes to topics like Bitcoin and blockchain, it is also a hotbed for many digital enthusiasts.
For years, the Bitcoin community on Reddit seems to have been a central part of the space, heated at various points and with a lot of interesting discussions. However, what’s most important for it is the recent milestone which made Reddit a place for 1 million subscribers following the Bitcoin topic and the r/BTC subreddit section.
Established by Roger Ver and other Bitcoin Cash proponents, this subreddit became the primary gathering point of many parties – mostly because its rules don’t typically allow new posts about altcoins or forks of Bitcoin.
The subreddit hit 1 million users earlier this week and according to metrics which track subreddit activity, took the 71st place on the ‘fastest-growing subreddits’ in the past month.
Obviously, the total of all crypto subreddits combined would be much higher – just like the total of crypto forums combined would be a number in the many millions.
New Jump For BTC: $8,500 Is “Again On The Table” According To Analyst
“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion.It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too.At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
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Millennials Choose Bitcoin As Part Of Their Retirement Plans
“Propensity [to own crypto] peaked among younger respondents at 42 percent.” The Harris Poll last month found that among those aged 18 to 34, “nearly 1 in 3 prefers Bitcoin to government bonds, more than 1 in 4 prefers Bitcoin to stocks, nearly 1 in 4 prefers Bitcoin to real estate, and more than 1 in 5 prefers Bitcoin to gold.”With Charles Schwab’s findings regarding retirement savings, Grayscale Investments had an award-winning Drop Gold campaign and BTC was seen as the digital gold among the younger investors. As per other reports, millennials are likely to choose a crypto asset such as BTC if a recession strikes harder. The fear of recession has increased around the world. The traditional indicators for recession have started to show up clearly since the US treasury curve for the two-year and 10-year bonds has officially inverted starting from 2007. Also, the gold has started to rally as the stocks topped out. The global PMI readings also started to drop below 50 showing signs of recession among many other indicators. What is also concerning is that this is coming to many regions of the world and they are slowly developing chaos starting from the US-China trade war, the Hong Kong protests and the massive hyperinflation in Venezuela.
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