On Friday January 29, one of the most well-known Bitcoin communities reached the 2,000,000 subscriber level. It had a surge of activity on Friday. Most people think the surge of new members was a result of the Redditors who took on the hedge fund operators betting against Game Stop. In this now infamous situation of the hobby traders versus the hedge fund operators, Redditors coordinated efforts to buy stocks, including Game Stop. This sent values soaring. The hedge fund operators who were betting on Game Stop losing value lost their bets.
The Metrics for Reddit website, which offers analytical tools, states that the Bitcoin sub-Reddit has 2,184,941 subscribers. It is the 178th most-popular thread out of more than 100,000 active pages. The Bitcoin page hit 2,000,000 subscribers Friday. It reached 1,000,000 subscribers about 18 months ago.
There has been a lot of growth in the Bitcoin sub-Reddit thread since the 2017 bull run of the digital coin, but that growth has been gradual. In the last week of January, the sub-Reddit gained more than 200,000 subscriptions.
A lot of the new subscribers heard about the actions of the Redditors on mainstream media. The media outlets reported on the activities of the retail investors. The classic David and Goliath story inspired a lot of people who wanted to be a part of the community. Specialty media also covered the story. There were widespread allegations of market manipulation of the hedge fund operators and brokers.
Now, the Congress of the United States is taking a look at the hedge fund operators. People are also finding the humor in the situation. Popular comedy show Saturday Night Live did a sketch of it over the weekend, on the night of January 30. The original Reddit thread on Bitcoin was created in September 2010. The Bitcoin white paper was released two years before that. Since the time the Bitcoin white paper came out, Bitcoin's influence on cryptocurrency has been astounding. It by far gets the most attention out of all digital coins, and everything else is compared to it. Bitcoin is the cryptocurrency gold standard.