Over the recent years, the word ‘cryptocurrency’ has become a staple in investment circles big and small, sparking heated debates. The topic has been dominant in Reddit discussions throughout 2021, captivating the attention of netizens on the forum.
“Reddit buzzed with more talk of cryptocurrency than any other topic in 2021,” reveals the platform in its yearly Reddit Recap, which sourced data from January 1st to November 9th of that year.
Garnering the most eyeballs on the platform, which boasts over 430 million active users, Reddit has been the go-to for over 500 dedicated crypto communities for the better part of a decade. Members flock here to exchange insights and solicit advice on the volatile crypto landscape.
Since the beginning of the year, the cryptocurrency market’s worth skyrocketed from under $800 billion to a staggering $2.3 trillion. Predominantly fueled by the surge in Ethereum and Bitcoin, the platform recorded 6.6 million references to ‘crypto’ in the timeframe surveyed. Notably, the Dogecoin community emerged as the most viewed group, experiencing an astronomical surge in value.
Amazon might soon allow users to pay in cryptocurrencies like Bitcoin.
Dogecoin, which started the year valued at a fraction of a penny, reached approximately $0.17. Celebrity endorsements, such as those from Tesla’s CEO Elon Musk, propelled its value to briefly touch the $0.70 mark in May, representing a surge of over 15,000% within mere months.
However, Jackson Palmer, the co-founder of Dogecoin, remains skeptical about the true worth of cryptocurrencies. He voiced his concerns in a tweet, denouncing the large fluctuations in value.
Palmer labeled cryptocurrency a tool for the wealthy to further enrich themselves by evading taxes, circumventing regulatory controls, and leveraging limited supplies. He criticized the system for being unforgiving to those scammed, while market manipulations by the wealthy are seen as strategic brilliance.
This critique potentially targets figures like Elon Musk, whose tweets have had significant effects on the valuation of cryptocurrencies. The alleged manipulation led to soaring values, with Musk later characterizing it as a “hustle.”
As regulatory scrutiny increases worldwide, the UK’s Financial Conduct Authority prohibited Binance—one of the largest global cryptocurrency exchanges—in June 2021. Other nations, encompassing the US and Germany, also question the role of cryptocurrencies in unlawful activities.
Despite Dogecoin’s notable performance, Bitcoin continues to dominate, adding over half a trillion dollars to the cryptocurrency market’s value. Presently, it trades around $50,000 per coin, a drop from its previous record peak.
The crypto’s burgeoning popularity is underscored by its increasing acceptance among tech behemoths. Amazon is potentially positioning itself to accept Bitcoin payments, seeking a digital currency expert for its payments division.
In line with Apple’s search for a manager experienced with alternative payments, and Twitter CEO Jack Dorsey’s endorsement of Bitcoin, it appears the tech world is firmly embracing virtual currencies. “The online community necessitates a universal currency, and Bitcoin is our choice to connect every individual globally,” Dorsey remarked.
Earlier in the year, Tesla toyed with the idea of Bitcoin car purchases, following a substantial investment in the cryptocurrency. Although deferred due to environmental concerns about crypto mining, other corporations like Microsoft have also started acknowledging Bitcoin transactions, boosting trust in the use of cryptos.
