Is Bitcoin More Mainstream than Ever?

Taking a Look at r/Bitcoin

One particularly important factor to consider when trying to estimate the future price of Bitcoin is the sentiment of the overall community. The first step towards adoption is conversation. Word of mouth has a critical role to play in the future success of Bitcoin, and one place where the conversation flows freely is Reddit.com. Reddit has forums dedicated to just about any conceivable topic, and the demographic that typically flocks to Reddit has a large degree of overlap with the primary cryptocurrency-user demographic. As a result, r/Bitcoin has become a hub for conversation and a place for enthusiasts to aggregate. Although it would be nearly impossible to analyze every post and create a qualitative analysis of sentiment, what we can do is look at the number of subscribers that joined the subreddit. This is a cold, hard, quantitative fact and can provide some insight into the number of people that found an interest in Bitcoin during a given period of time. During the peak of the 2017 Bitcoin rally, we saw massive subscriber growth on the r/Bitcoin subreddit. It was the fastest growing subreddit on the site on 4 separate days and on-boarded over 500,000 redditors in a one year period.

Source: https://redditmetrics.com/r/Bitcoin

Growth in 2019

After this period of massive growth, the subscriber count had somewhat stagnated. The price corrected and the boom of new subscribers came to a halt. This period of stagnation persisted until this summer when we saw the Bitcoin price jump. From June 1st, 2019 to the time this article was written, the r/Bitcoin subreddit has seen 22% growth and has on-boarded over 222,000 new members.

Source: https://redditmetrics.com/r/Bitcoin

So What Gives?

A large portion of this new wave of redditors can be attributed to the spike in price we saw in late June, but another factor that has certainly come into play this time around is the prevalence of Bitcoin in mainstream international news. With governments and corporations all across the world issuing digital currencies and applying blockchain tech, Bitcoin has become a common topic of conversation in the mainstream media. In 2019, we saw China and Facebook, along with several other powerful global entities, come out and endorse the merits of blockchain technology. It is looking like Bitcoin is becoming an asset that is impossible to ignore, and world powers have been increasingly considering applying its tech in the future of their financial systems.  With the amount of conversation developing online and in the media, it is safe to say that Bitcoin is more mainstream than ever.

Disclaimer

The information contained in this Article is not intended to be a source of advice or investment analysis with respect to the material presented, and the information contained in this Article does not constitute investment advice. The information is intended to be used and must be used for informational purposes only. The ideas, strategies, reports, Articles and other information expressed in this Article are our opinions and should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Readers should be aware that trading tokens and all other financial instruments involves risk. Past performance is no guarantee of future results, and we make no representation that any reader of this Article or any other person will or is likely to achieve similar results.

Any views or opinions represented in this Article are personal and belong solely to Market Rebellion and do not represent those of people or companies that Market Rebellion and its affiliates may or may not be associated with in a professional or personal capacity, unless explicitly stated. Furthermore, Market Rebellion, and/or its affiliates, including contributors to the ideas, strategies, reports, articles and other information in this Article, may have a financial interest in one or more of the tokens mentioned or the company granting or issuing the token, or otherwise have a business relationship with such company.

While we have made every attempt to ensure that the information contained in this Article is correct, Market Rebellion is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in this Article is provided “as is” and without warranty of any kind, express or implied. In no event shall Market Rebellion be liable to you or anyone else for any decision made or action taken in reliance on the information in this Article or for any special, direct, indirect, consequential, or incidental damages or any damages whatsoever, whether in an action of contract, negligence or other tort, arising out of or in connection with this Article or the information contained in this Article. Market Rebellion reserves the right to make additions, deletions, or modifications to the contents on this Article at any time without prior notice.