Sudden and massive surges on Gamestop, Bitcoin, and Dogecoin.
This event has happened when the subreddit WallStreetBets heard that Gamestop was shorted by the hedge funds. As a result, small investors decided to buy the stocks so that price would go up. That resulted in massive losses for hedge funds, and even a hedge fund went bankrupt. But, when the government, media, and trading platforms intertwined, they manage to recover their losses partially. Here, we’ll discuss what happened since Gamestop.
Gamestop, where it all started
It might be surprising to most people, but as soon as people on Reddit organized a mass buyout, fund firms could be out of commission for good if government involvement wasn’t there. So it shows that most hedge funds are one organized mass activity away from bankruptcy.
Dogecoin, the next stop
The same subreddit actually pumped Dogecoin to the moon. Since the start, Dogecoin has had massive returns. And many people thought that this would make much more money than they thought. As a consequence, another rally potentially made more people millionaires. Moreover, they potentially hurt many short-sellers, and it might continue for quite a while.
Elon Musk’s Bitcoin Bio
It all started when some people claimed that Elon Musk paid admins with Bitcoin to screw over hedge funds. But this was not just the case. Bitcoin surged to $37.000 when Elon Musk added Bitcoin to his Twitter bio. However, it turned to its previous place later. The craze lasted a few days and knocked many billionaires with small moves.
What’s next
After government and trading platform involvement, it’s clearly seen that the system is severely rigged and most people would have lost faith in government and most corporations. Moreover, there’s a massive likelihood that more of these massive rallies would occur for making money and retributing against mass funds.
Furthermore, it has shown us again when mass psychology is orchestrated, there’s a likelihood that events like Gamestop would occur and many people could potentially make massive amounts of money.
How would you view the craze between these events? Share your thoughts in the comments section below.
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The Craze of Wall Street and Elon Musk was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.