Posted 2 years ago | by Ben Armstrong
Bitcoin Subreddit Sees Surge in Subscribers in Wake of New Bull Run
The Bitcoin subreddit has shown a remarkable increase in subscribers since the cryptocurrency’s price spike last summer. While the price of Bitcoin is still in flux, the popularity of the Bitcoin subreddit seems to be more stable.
Jameson Lopp, the cypherpunk and Bitcoin maximalist, left a tweet on December 23 that commented:
“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.”
In the early months of 2019, the Bitcoin subreddit broke a milestone of 1 million subscribers, meaning that more than 200,000 new members have decided to follow it over the past year.
Big Pop on the Bitcoin Subreddit
Reddit is a large forum for the crypto space and there are many industry-related firms and foundations which use it to interact with their base. The Bitcoin community on Reddit started at the end of 2012, and as a sub-category it slowly gained massive popularity. At the end of 2017, when Bitcoin nearly hit $20,000, the Bitcoin subreddit had grown by almost 2000%.
The surge in the price of Bitcoin seemed to feed the desire for more community interaction, and the Bitcoin subreddit was the perfect place for like-minded people to connect.
In May this year, the University of Notre Dame and the Pacific Northwest National Laboratory released research on the speed and scale of cryptocurrency discussions on Reddit. It includes Reddit threads created in official subreddits and the broader crypto subs from January 2015 to January 2018. The researchers claimed to have found a strong correlation between Reddit conversation volume and coin prices.
In August this year, by using a machine learning-based analysis tool to study more than 48,000 Reddit posts, research firm Comparitech found out how to determine which cryptocurrencies were viewed most favorably by the masses.
A Popular Topic
At the same time, an independent crypto author and analyst names Sritanshu Sinha, noted that the overall reception that the crypto industry has received until now on forums like Reddit and Twitter has been quite warm.
Sinha was also quick to highlight that since the Reddit community thinks of itself as being anti-establishment, and its users are usually interested in cryptos much more than average investors.
One twitter user and self-purported Bitcoin observer left a comment to Lopp’s tweet, saying, “user numbers on social media platforms are meaningless in this day and age. they might all be bots.”
It appears that not at all crypto observers think social media sentiment is an accurate gauge for crypto activities. Regardless, there is research to suggest otherwise.