Back in 2014, at a bitcoin and cryptocurrency conference I attended in Dublin, Reddit's r/bitcoin forum was mentioned many times on stage and even more by the audience.
This was three years before bitcoin was thrust into the global limelight by its epic 2017 bull run that saw the bitcoin price soar from under $1,000 in January to around $20,000 by December—making it easily the decade's best investment.
Reddit was once very important to bitcoin and the cryptocurrency community—but now that no longer seems to be the case.Reddit's bitcoin community, r/bitcoin, used a MS Paint-drawn wizard to advertise bitcoin as "magic ... [+] internet money." Reddit / u/mavensbot
"Does anyone else remember the 'bitcoin: magic internet money' MS Paint ad circulating on Reddit in 2013," Nic Carter, a partner at blockchain-focused Castle Island Ventures and creator of bitcoin and crypto data site Coinmetrics, asked on Twitter back in 2017. "I loved that stupid ad."
"Nothing bolsters my faith in a currency like a crappy MS Paint doodle," one Reddit user said of the ad when it was created. The ad was made by another still-somewhat-active Reddit user going by the name mavensbot.
The r/bitcoin subreddit, created in 2010, now boasts almost 1.3 million subscribers—more than double it had at the peak of bitcoin's 2017 bull run.
But bitcoin discussion on Reddit is bigger than r/bitcoin. There are dedicated subreddits for most major cryptocurrencies as well as broader forums like r/cryptocurrencies—all of which regularly discuss bitcoin and the bitcoin price.
As bitcoin and cryptocurrency prices spiked in 2017, bitcoin mentions across Reddit kept pace, data collected by analysts at cryptocurrency data platform ChartStar this week revealed.
Bitcoin's subsequent sell-off throughout 2018 saw bitcoin mentions fall along with the price.
However, last year, when swirling rumors te...