The moderators of subreddit r/Wallstreetbets have announced they will allow crypto discussion in the subreddit from today. The retail trading group, famous for pumping traditional stocks such as GameStop (GME) and scaring hedge fund managers out of their shorts — which is soon to be a major movie — will limit discussion to three cryptocurrencies, Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE) in a single daily thread. A post this morning stated: “We’ve decided to allow for discussion about only BTC, ETH, and DOGE only. Inside of a daily Crypto discussion thread as to not burden everyone with crypto spam. …

U.S. banking giant Goldman Sachs recently decided to restart its cryptocurrency trading desk. This has reportedly led to an increased demand for digital assets among its customer base. According to a Reuters report, Goldman Sachs chief operating officer John Waldron said the firm is exploring how to meet an increasing demand from clients looking to invest in Bitcoin (BTC). The chief operating officer said Goldman Sachs would “continue to evaluate” and “engage on” crypto for customers. Matt McDermott, global head of digital assets for Goldman Sachs' global markets division, additionally said on Friday that 40% of Goldman investors have at …

MicroStrategy, a software company that’s been making headlines for its aggressive Bitcoin purchases, has made another $10 million purchase after Thursday’s market uncertainty. As announced by CEO Michael Saylor, the company purchased another 205 BTC at an average price of $48,888, spending $10 million in cash to do so. This puts the company’s total Bitcoin holdings at 91,064 BTC worth $4.3 billion. The total cost basis of the BTC is $2,196 billion with an average purchase price of $24,119. MicroStrategy’s latest Bitcoin purchase is one of its many “symbolic” buys where the company puts a few more million in BTC …

Financial industry veteran George Ball believes investors would be prudent to allocate a “small part” of their portfolio to cryptocurrencies — marking a major departure from his previous stance towards digital assets. In an interview with Yahoo Finance, Ball described cryptocurrencies like Bitcoin (BTC) as an “attractive” option for investors looking to hedge against currency debasement. His comments came as Congressional lawmakers mulled a $1.9 trillion relief bill that would put provide up to $1,400 in direct stimulus payments to Americans impacted by Covid-19. “I've never said this before, and I've always been a blockchain, cryptocurrency and Bitcoin opponent. But …

A research analyst from Goldman Sachs who has previously spoken favorably about Bitcoin and blockchain technology will reportedly be joining New York-based asset management firm Third Point. According to a Reuters report on Tuesday, Third Point hired Heath Terry, a managing director of Goldman Sachs’ tech division. He has been with the investment firm for 10 years and will reportedly become part of Third Point’s team handling venture investments. Terry has previously spoken about Bitcoin (BTC) prior to the 2017 bull run, predicting the crypto asset was “going to mature” and would likely see more use cases. He said it …

Dan Loeb, CEO of New York-based asset management firm Third Point and a well-known figure on Wall Street, has said he is looking into ways to bridge the gap between traditional finance and the crypto space. In a series of tweets to his followers on Monday, Loeb said he had been "doing a deep dive into crypto," referencing a recent article on nonfungible tokens, or NFTs, from Chris Dixon, a general partner at Andreessen Horowitz. Dixon described the ways NFTs could change the economics of content creators — namely that the technology allows them “a new way to take the …

King Midas is most famously remembered through the fable we tell our kids that the king could turn everything he touched into gold. At first, it was a great idea that his greed turned even food into gold, leaving him wealthy but unable to live. Robinhood’s CEO and its board had the impossible King Midas dilemma this week: deciding whether to side with their customers and let them make over $15 billion in profits or halting trading and allow only the sale of GameStop (GME) to enable the money-hungry shorts to cover their position at lower prices and avoid massive …

What happened to GameStop’s stock at the end of January will be remembered by investors for years to come, as it was probably the first time in the history of the “free market” that a group of self-described internet “degenerates” outsmarted a bunch of Wall Street pros at their own game. As a recap, on Jan 27, when the Dow Jones Industrial Average fell sharply by over 2% — in large part due to the United States Federal Reserve announcing its move to maintain interest rates around the zero percent mark — shares of video game retailer GameStop (GME) and …

Earlier this week, Elon Musk made history when he placed his full support behind Bitcoin (BTC) during a Clubhouse stream. When discussing Bitcoin and the GameStop debacle with Robinhood CEO Vlad Tenev, Musk said: “I am late to the party, but I am a supporter of Bitcoin.” This came a few days after Musk changed his Twitter profile, adding “Bitcoin” to his bio. Interestingly enough, Musk's public endorsement of Bitcoin comes at a time when legacy financial markets have been openly caught defrauding their own customers, and the Robinhood app is at the center of this fraud. Indeed, the richest …

Trading app Robinhood may have put its plans for an initial public offering on hold after public opinion turned against the company in the wake of its response to the short squeeze on GameStop (GME). According to Fox Business Network’s Charles Gasparino, sources inside Robinhood say the company’s only focus is surviving the fallout from the drama it currently finds itself engulfed in, and will pause its plans for an IPO launch for now. SCOOP: Ppl inside @RobinhoodApp tell @FoxBusiness plans for an IPO are on hold to focus on surviving the current drama over trading of stocks and settlement …

Entrepreneur and Dallas Mavericks owner Mark Cuban has weighed in on the recent clash between Wall Street and the r/Wallstreetbets Reddit community. In a Jan. 31 blog post, Cuban suggested that the old-school investment community is currently taking a kicking from what he describes as the “Store of Value Generation.” These millennials have developed a greater understanding of the value of digital assets, having been brought up in a world where music was more often shared as a digital file than a physical object. Blockchain technology, nonfungible tokens and smart contracts now allow any asset which can be represented digitally …

The r/Wallstreetbets saga which saw a group of Redditors join forces to extract billions from Wall Street hedge funds is set to be turned into a movie. As reported by Deadline on Jan. 31, a newly proposed book by The Social Network author, Ben Mezrich, was subject to a bidding war between major Hollywood studios, with Metro-Goldwyn-Mayer winning out in the end. The project will reunite Mezrich with MGM producer Michael DeLuca, who also produced the Academy-Award winning film The Social Network, which told the story of the rise of Facebook founder Mark Zuckerberg. No details have yet been released …