While Bitcoin’s price has been on a continuous downward slope since November, the cryptocurrency’s official subreddit, ‘r/Bitcoin’, has achieved one of the biggest milestones on Reddit, reaching 1 million subscribers on December 2, 2018.
Bitcoin’s Subreddit Reaches an Important Milestone
Despite the raging bear market that has been shaking the crypto industry since early November 2018, there are certain aspects of Bitcoin that seem to be thriving while everything else is on a downward slope.
On December 2, 2018, Bitcoin’s official subreddit, ‘r/Bitcoin‘, has reached 1 million subscribers. An important milestone for any community on Reddit, Bitcoin’s milestone is especially significant as it is the largest subreddit among all cryptocurrency related topics.
The second most popular cryptocurrency subreddit after Bitcoin, ‘r/Cryptocurrency‘, has just over 770,000 subscribers and is focused on general discussions regarding digital currency markets.
Reddit users flocked to the page as the milestone was announced, and voiced their support for the community that surrounds the most popular coin on the market. The Bitcoin subreddit has seen its numbers climb 30% since the 2017 bull market came to an end in January 2018, and is currently the 127th most popular topic on the platform.
Confirming the landmark membership, moderator known as BashCo awarded a prize to the millionth person to subscribe to the subreddit, a user known as u/CryptoBull007. “I saw it was getting close yesterday, so I decided to make a reddit profile today for when we got close,” u/CryptoBull007 said in a comment, adding he had joined the platform after seeing an AMA session with Cardano creator Charles Hoskinson.
What Does Bitcoin’s Meteoric Rise on Reddit Tell Us?
And while many have drawn parallels between the coin’s value and the subreddit’s popularity, the 1 million subscriber milestone tells a different story. The number of subscribers on the subreddit has grown conspicuously in 2018 and has celebrated reaching 400,000 subscribers in November 2017.
And while actual Bitcoin usage is declining, with sources reporting between 200,000 and 500,000 transactions per day, the discussions surrounding the coin have been on the rise. However, social media discussions are active both on market upsides and downsides and aren’t a good predictor of a cryptocurrency’s performance.
Price volatility traditionally sparks increased attention from lay consumers, which could explain the meteoric rise in popularity the subreddit has seen during the past few months. And while the price per coin might be going down, the overall value of the Bitcoin network has been on a continuous upward trajectory, transacting over $2 trillion in value so far in 2018, up from over 60 percent since December 2017.