WallStreetBets Bullish On Crypto Mining Companies

At the end of the month of January, just as Bitcoin started an epic run from $20k to $50k and right before Elon Musk announced he would be investing, another piece of financial news took the world’s spotlight.

It was named WallStreetBets, a 7 million strong group of amateur traders on Reddit who decided to take on the most powerful of Wall Street’s elite: the hedge funds, the so-called Apex Predators of the financial world (with all due respect for Anthony Pompliano trying to takeover that term to describe Bitcoin, it was originally used to describe hedge funds).

A short squeeze is possible?

Via a so-called short squeeze in GameStop’s stock and a subsequent block by trading app Robinhood which prevented them from buying and only allowed them to sell their holdings, the group rose to world fame.

The hedge funds, which lost massively through their short positions that they had to cover as the GameStop stock went up, tried to recuperate some of the losses and cooperation with the MSM (mainstream media) to try and convince everyone there was a short squeeze happening on silver as well, which simply wasn’t true.

Of course WallStreetBets traders have as of late noticed that Bitcoin has risen by quite a bit.

However, as they are on the Reddit board, which unlike 4Chan or 8Chan has a specific set of rules, the traders installed a “No Cryptocurrency” rule, forbidding posts devoted to declare one’s love for digital tokens like Bitcoin and the blockchain technology.

Those posts are supposed to go to the r/cryptocurrency subreddit or the SatoshiStreetBets group. This has angered some amateur investors who feel left out and the group has since moved to discussing crypto miners.

Buy the f**king dip

As of late, WallStreetBets’ forum is full of references to MARA and RIOT. For those of you not speaking the lingo, allow us to enlighten you.

When you see MARA Go down, you need to BTFD and increase your diamond hands, that way you can score more tendies.

First off, RIOT and MARA refer respectively to Riot Blockchain Incorporated and Marathon Digital Holdings Incorporated. They are both Bitcoin mining stocks which risen some 7,000% in the past year because of Bitcoin’s rise.

A tad better than Bitcoin’s own 12-times increase of course (Bitcoin traded near $4,000 on 12 March last year and is now trading for $57,000).

BTFD is the acronym that means buy the f*cking dip. Diamond hands is the inverse of paper hands and mean that even when your asset is down in price, you hold on to it, whereas a paper hands investor sells in panic. Tendies lastly mean chicken tenders as a lot of the youngsters posting on forums like these are kids living in the basements of their parents and chicken (mostly from a fastfood chain) is their favorite food.