The bitcoin subreddit forum is rising in popularity, giving subscribers a platform to discuss topics related to crypto, including news and investment strategies. The rise has seen the forum rank higher among the top subreddits globally.
Data acquired by Finbold indicates that the bitcoin subreddit forum has attained 3.05 million subscribers to rank as the 113th subreddit globally as of June 8th, 2021. The r/announcements subreddit is top with 103 million subscribers, followed by the r/funny channel with 36 million subscribers.
The r/AskReddit forum is third with 32.5 million subscribers, followed by /r/gaming at 29.9 million subscribers, while r/aww is fifth with 28.6 million subscribers.
Other top-ranking subreddits with more subscribers include r/Music (27.4 million), r/pics (27.3 million), r/worldnews (26.4 million), r/science (26.3 million), and r/todayilearned 25 million.
Social media helping crypto sector flourish
The report notes that social media is increasingly playing a vital role in the growth of cryptocurrencies. According to the research report:
“In general, social media platforms like Reddit are helping the crypto sector flourish. Notably, social media is offering a ready market for crypto-related information. This ability is a positive development, as the amount of valuable, crypto-based content has expanded dramatically.”
The lack of mainstream recognition earlier saw the bitcoin subreddit play a vital role in the asset’s price movement.
Worth mentioning is that hundreds of subreddits exist dedicated to individual cryptocurrencies. Although most are still young they tend to emulate r/bitcoin. However, the growing conversation around cryptocurrencies on Reddit points to a general increased retail interest in cryptocurrencies.