As we near the end of 2021, Reddit has revealed that digital gold took on gold on the platform. Cryptocurrency has become the most discussed topic of the year, as 2021 has seen the exponential growth of cryptocurrencies like never before. This has also been reflected in the activities on Reddit as cryptocurrencies easily pushed topics like gaming, sports, and wedding to the back of the line. The word ‘crypto’ was searched more than 6 million times in 2021.
More than cryptocurrencies, what shocked the Internet is the fact that r/dogecoin, not Bitcoin, is the most viewed crypto subreddit on the entire platform. As prominent personalities like Elon Musk and Brock Pierce have shown their doubt about Bitcoins as a mode of payment, the crypto world seems to have turned towards altcoins with better inflationary measures like Dogecoin.
Among around 500 coins, r/superstonk has recorded a growth of 917% since 2020, with more than 700k users going after this subreddit. The growth of meme-coin subreddits has been significant in 2021, with Dogecoin expected to acquire a larger chunk of the crypto payment environment and the recent increase in the volatility of coins like Shiba Inu. The subreddit has also become a place for discussing different topics ranging from the stock market to anti-crypto propaganda and policies on cryptocurrencies.
Another significant milestone in the journey of cryptocurrencies is the turnaround in r/wallstreetbets’ anti-crypto stance. The community has been allowing topics like Bitcoins, Dogecoin, and Ethereum to be discussed freely, since earlier this year. The shift in the perspectives of this strong community with over 11 million followers has become a good example to show how cryptocurrencies have caused shifts in ideology this year.
Cryptocurrencies that lurked at the bottom on Reddit due to global events, like the pandemic and BLM movement, have rocketed to the top of the table in 2021. This year, apart from the exponential growth rate, has also witnessed the diversification of the field. Instead of focusing on a single currency like Bitcoin, the investments scattered towards some of the emerging coins with more recent infrastructures. The popular opinion on Bitcoin in 2021 defined it essentially as a storage of value rather than a payment option.
Although it’s been long, since cryptocurrencies passed the decade mark, 2021 particularly has been a record-breaking year. The post-pandemic world has shined new light on the crypto world and moved it beyond Bitcoins and into greater investment opportunities.