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This Year’s Most Popular Reddit Topic Is Cryptocurrency

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For the past two years, cryptocurrency has been the buzzword, with every investor, large and little, having an opinion on its efficacy. It dominated the roost in 2021 Reddit threads.

“There were a lot of topics on Reddit in 2021, but none more significant than cryptocurrencies,” the firm stated in its annual Reddit Recap, which drew data from January 1 to November 9, 2021.

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For the past two years, cryptocurrency has been the buzzword, with every investor, large and little, having an opinion on its efficacy. It dominated the roost in 2021 Reddit threads.

Since the beginning of the year, the crypto market has surged from less than $800 billion to more than $2.3 trillion. The main drivers of this increase in value are Ethereum and bitcoins. There were 6.6 million mentions of ‘crypto’ across the site from January to November, according to the data. Dogecoin, a meme-based digital token with a mind-boggling price surge, was the most visited crypto community.

Dogecoin is now worth roughly $0.17, after being worth less than a tenth of a cent in January 2021. Endorsements from Tesla CEO Elon Musk helped boost it momentarily past $0.70 in May, realising gains of more than 15,000% in just five months. 

Jackson Palmer, one of the Dogecoin developers, is sceptical of the worth of cryptocurrencies and has denounced their quick spike in value in one of his tweets.

“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity”, Palmer tweeted. 

He refers to it as the cryptocurrency cult, which is designed as a get-rich-quick scheme for those at the top with no safeguards for the vulnerable. He cites the lack of controls and constraints on financial interventions as examples of how the capitalist system promotes the worst aspects of itself. According to the Dogecoin creator, individuals who fall prey to schemes are considered illiterate and foolish, whereas “billionaires manipulating markets” are considered “geniuses.”

This jab could have been aimed at Elon Musk, whose comments have influenced cryptocurrency markets. Musk’s post about dogecoins propelled it to new heights, which he later referred to as a “hustle.”

Binance, one of the largest cryptocurrency exchanges, will be banned by the UK’s Financial Conduct Authority in June 2021. Cryptocurrency has been scrutinised by officials in various countries, notably the United States and Germany, for its usage in illegal and illicit operations.

Dogecoin’s ascent has been faster than bitcoin’s overall, but bitcoins have still added more than $500 billion to the total cryptocurrency worth.

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It is currently trading at roughly $50,000 per coin, down from a record high of nearly $69,000 last month. The greater acceptance of cryptocurrency among tech companies can be used to evaluate its popularity. Alig names has a crypto team ready to migrate to this new payment method.

Amazon may soon allow customers to purchase with cryptocurrencies such as Bitcoin. For its payments division, it intends to employ a digital currency and blockchain product lead.

Apple has advertised for a business development manager “working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, bitcoin, and so on.” Bitcoin is favoured by Elon Musk and Twitter’s Jack Dorsey.

“The internet world requires a global currency, and our concentration is on Bitcoin because we can reach every single individual on the planet with this money,” Twitter CEO Jack Dorsey emphasised. 

Following Musk’s $1.5 billion (€1.2 billion) investment in Bitcoin in February, Tesla said earlier this year that it will accept Bitcoin payments for vehicle purchases in the United States. However, due to energy problems associated with cryptocurrency mining, this was put on hold. Microsoft, too, accepts Bitcoin payments, which helps to create trust in the use of cryptos.