The Bitcoin subreddit has seen a remarkable surge of subscribers ever since the cryptocurrency price spiked last summer. During the bullish run this summer, the cypherpunk and proclaimed Bitcoin maximalist Jameson Lopp posted a tweet in the crypto news where he said that “the rate of new subscribers to the /r/bitcoin subreddit accelerated after the exchange rate jumped this summer. It grew in size by 222,000 users – 22% growth in 2019.”
The rate of new subscribers to the /r/bitcoin subreddit accelerated after the exchange rate jumped this summer. It grew in size by 222,000 users – 22% growth in 2019. pic.twitter.com/9q0bASk2C3
— Jameson Lopp (@lopp) December 23, 2019
At the start of 2019, the subreddit broke a milestone of 1 million subscribers meaning that it managed to add more than 200,000 new members over the past year. Reddit is known as a major forum for the crypto space and there are a lot of industry-related firms and foundations using it to interact with their user base. The Bitcoin subreddit is a sub-category with massive popularity which started at the end of 2012 and managed to gain a lot of popularity. As the leading cryptocurrency hit $20,000, the Bitcoin price news and the subreddit literally exploded.
The surge in the price of Bitcoin met a generous response from markets and triggered mass consumer interest in both buying and trading the cryptocurrency as well as joining the Bitcoin community online.
In May this year, the University of Notre Dame and the Pacific Northwest National Laboratory released a study focusing on the speed and scale of cryptocurrency discussions on Reddit. The Bitcoin subreddit was also featured and the researchers claimed to have found a strong correlation between the Reddit conversation volume and coin prices.
In August this year, the research firm Comparitech used a machine learning based analysis tool to study more than 48,000 Reddit posts to determine which cryptocurrencies were viewed most favourably by the masses.
Then, Sritanshy Sinha who is an independent crypto author and analyst noted that the overall reception of crypto has been growing and the Bitcoin subreddit page is an amazing example for that. He was also quick and pointed the fact that the users on the platform are actually drawn to crypto much more than average investors.
All in all, the Bitcoin subreddit page is proof that the popularity of the crypto industry is growing and could escalate to even more popular in the future.
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