It may be hard to believe, but it was just over a month ago that Reddit group WallStreetBets made headlines, getting on the radar of prominent institutional investors and challenging the status quo. The movement represented a turning point for financial markets globally; it revealed the power of the internet to make noise, even in the most traditional of avenues: the stock exchange.
The WallStreetBets community has grown since late January, going from two million contributors to over nine million today. While the group has experienced censorship and regulation, hindering their ability to make major moves in markets, it appears it has also inflicted some of that censorship upon others. And so, others have stepped up to take matters into their own hands: enter WallStreetSilver.
Move over, WallStreetBets: WallStreetSilver is on a mission
The subreddit r/WallStreetSilver was created on January 29th, 2021, just one day after the GameStop short squeeze prompted new-age trading platforms like Robinhood to halt purchases of stocks targeted by the WallStreetBets movement. Since its founding, the Reddit group has amassed over 45,000 “silverbacks” — a term used to denote group members but also used in reference to mountain gorillas (another term the group proudly claims).
The founder of WallStreetSilver, Ivan Bayoukhi, said in an interview with LODEpay Media that he created the subreddit to give silver advocates a platform to be heard. He stated that while the WallStreetBets subreddit was previously open to posts about silver as an investment, after the GameStop short squeeze made headlines, the sentiment moved away from silver. Now, contributors to the WallStreetBets subreddit are reportedly banned for posting about the precious metal.
Bayoukhi noted that the real goal of the community is to “wake up the masses to the truth”: that in a world so saturated by fakeness – whether fake news, fake politics, or even fake food – people need to be actively engaged in finding what is “real.” Silver, he argued, is real wealth when compared to the fiat currencies that are backed by nothing but debt.
The community has organized in pursuit of a mission to increase silver awareness, with a GoFundMe campaign recently launched to fund billboard advertising for the metal (see the hypothetical design from a WallStreetSilver user above). The campaign surpassed its goal of $100,000, with $113,477 at the time of writing. Above all, the creator said, the movement represents a “revolution for the people,” and the fundraising initiative is symbolic of the community’s effort to bring awareness to the masses.
How technology is helping silver stackers through a potential shortage
With an attempted silver short squeeze in February, demand in the metal inched higher, a trend that had roots earlier in the year as bullion dealers, including the U.S. Mint, struggled to keep up with orders. According to an article from The Guardian, the “sales of US gold bullion coins rose 258% last year while silver coin demand was up 28%.” The depleting silver supply has recently been a concern for many silver advocates (not just those on WallStreetSilver), who have stacked up on their holdings accordingly.
Its not just redditors on WallStreetSilver seeing more investors seek alternative avenues to enter the precious metals market. Aside from the metals-backed PSLV, blockchain-based initiatives are blending the old with the new, emerging as attractive vehicles as cryptocurrencies like Bitcoin and Ethereum experience bull runs. However, as Bayoukhi noted, investors must be wary of the credibility of these projects and ensure that their digital assets are truly representative of the physical metals, and redeemable for them at any time.
The LODE Project has recognized this reluctance, striving to achieve full accountability to provide its community with peace of mind. For that reason, each of LODE’s digital silver tokens – the AGX Coin – is representative of a one-gram weight of vaulted, audited, insured, and verifiable investment-grade silver bullion. Not only does LODE provide a means to enter the silver market suitable for the digital age, but it also enables people to spend their digital silver – and digital gold (AUX Coin) – virtually anywhere, with its LODEpay Wallet application, currently available on Google Play and the App Store.
(Featured image via Piqsels)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
French National Bank to Test a CBDC Digital Currency
The largest CBDC trial to date was just launched by the French central bank. France is the largest eurozone country...
Heuristik Opens its Capital to Make the Leap to Europe and the U.S.
Heuristik has already committed the support of two business angels of Spanish origin, whose names have not been disclosed. In...
Omers Acquires 49% of the Australian Subsidiary of Fotowatio
OMERS Infrastructure's global renewable energy holdings include Leeward Renewable Energy, a growth-oriented renewable energy company that owns and operates a...
Has Your Company Had an IPO Recently? Here’s How to Decide Whether to Hold or Sell Your Stock
In 2021, many companies with IPOs saw huge increases in their stock prices in a short time, adding millions in...
The Exodus of Chinese Miners Leads to New Electricity Tariffs in Russia
Many conditions make Russia ideal and attractive for mining cryptocurrencies. It is one of the countries with the highest electricity...
Biotech2 weeks ago
Canada’s Hidden Health Crisis: Is This Company the Only One Paying Attention?
Cannabis2 weeks ago
The First Bottles of Medical Cannabis Oil Delivered to Patients in Jujuy, Argentina
Cannabis1 week ago
Malta Might Soon Legalize Private Cannabis Consumption
Featured2 weeks ago
Carbon Emissions: the Levy Under the Paris Agreements