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Reddit and Crypto: Doge, Bitcoin, Elon Musk, and a Look Back at 2021

The online community drove an awful lot of conversation about cryptocurrency over the past year.

Whether you follow Reddit or even really knew what it is before 2021, you almost certainly know about the online discussion community now. Reddit users drove a lot of action and discussion when it came to creating meme stocks and the site has been a major source for people looking to talk about cryptocurrency.

"In 2021, there were a lot of conversations on Reddit, but none more prominent than cryptocurrency," the company wrote in its year-end report. "For more than 10 years, Reddit has been home to over 500 cryptocurrency communities. As more Redditors participate in conversation, whether it be for information, help, or to share major successes, Reddit continues to be the hub for cryptocurrency enthusiasts."

Many people have issues with Reddit -- it's largely a self-regulating community, so it's not always credible -- you can't argue that the company was a major driver when it came to cryptocurrency conversation in 2021.

What Drove Crypto Discussion on Reddit?

Reddit posts gain visibility as users "upvote" the post. Basically, the more users who like a post, the more who are likely to see it. The company shared the five posts which had the most upvotes.

  1. r/dogecoin: Who’s still holding $DOGE? 🚀(80.3K upvotes)
  2. r/superstonk: All the confirmation bias I need, right here in one tweet (66.5K upvotes)
  3. r/cryptocurrency: You hear about the kid who put in $500 into a memecoin and made 100k, but you don't hear about the hundreds who put $1000 and are left with $0.1 (53.9K upvotes)
  4. r/amcstock: AMC YOU IN JAIL, CHEATERS (26.7K upvotes)
  5. r/bitcoin: Tesla buys $1.5b in Bitcoin and is looking to accept the crypto as a form of payment in the near future… (45.5K upvotes)

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Reddit also shared a number of facts about its crypto discussions and communities.

Reddit and Tesla CEO Elon Musk Loom Over Crypto

While it's not always the best source for information (since popular does not always coordinate with correct), it's impossible to deny the platform's influence.

"Decisions on how and when to invest were made mostly after consulting Reddit, with over a third of crypto holders getting their information there," according to a survey by Gambler's Pick

Reddit was not, however, the single biggest influence over crypto in 2021.

"The only source more influential was a single individual – Elon Musk –whose tweets have been known to impact Bitcoin greatly. In one instance, a tweet from Musk plummeted the price of Bitcoin to below $30,000 – a low for this fluctuating currency," according to Gambler's Pick.