The world is watching U.S. markets with great interest, and more than a little FOMO, as Reddit investors continue to test their might against Wall Street.
It all started when retail investors on the Reddit community wallstreetbets began pumping the price of U.S. video game retailer GameStop’s (GME) stock to counter Wall Street hedge funds that were “shorting” or betting against it. What the Reddit group did, and the reaction of the mainstream as the stock skyrocketed, reminded many of crypto trading.
Meanwhile, the world watches, with some seeing what happened with GameStop as a more global story of ordinary investors taking on the power of big institutions.
“We are very much interested in what is happening in the U.S. for many reasons. For some of us, it is the feeling that we can now also play in the market and we are also seeing how the markets actually get manipulated to serve only the rich. This isn’t a movie. … We saw this happen,” Bernard Parah, founder and chief executive officer of Nigerian crypto trading startup Bitnob, told CoinDesk via an email.
In India, small retail investors were quick to jump in on the action, with GameStop becoming one of the top five traded stocks on Stockal, a platform used by Indian investors to trade U.S. equities, according to Bloomberg.
After the U.S. retail trading platform Robinhood limited users from buying certain trending stocks including GME, European investors who still had access continued to trade: wallstreetbets alleged that they helped keep the GME price up despite the trading restrictions.
“GME makes you feel…