- A band of cunning Redditors successfully crushed Wall Street short bettors and made global headlines all week.
- Bitcoin and Ethereum had a tumultuous week, especially after Elon Musk subtly endorsed the leading cryptocurrency.
- This week’s crypto to-do list offers readers a new way to bring BTC to Ethereum.
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This week’s edition of wNews unpacks how Redditors managed to bankrupt a hedge fund and inflict serious losses to others.
The mechanics of a Robinhood-fueled short squeeze has made headlines globally. And while many crypto enthusiasts are calling for a paradigm shift, finance may just be experiencing the growing pains of Internet-scale communities. Only time will tell.
Bitcoin and Ethereum traded sideways for most of the week, at least until the world’s richest man decided to endorse BTC on Friday.
Finally, weekend hobbyists can learn the ropes of one of the most interesting projects in crypto. Badger DAO is bringing Bitcoin to Ethereum, with a twist.
All that and more, below.
Occupy Wall Street 2.0
So, let’s talk about what seems to be the only story in finance these days: The WallStreetBets revolution.
It has all the makings of a great story. There are elements of David and Goliath, Robinhood, populist revolution, and sheer mass boredom. Indeed, the narrative is eternal; this edition is just steeped in financial jargon.
This week’s column will create a timeline of events, unpack the two dominant narratives, and, most importantly, reveal how the crypto industry will likely benefit.
But, first, a quick explainer on the mechanics behind the GameStop (GME) short squeeze.
The Big Short (Squeeze)
In laymen’s terms, shorting a stock means you borrow an asset with the expectation that the asset will drop in value. Then you sell that borrowed asset on the open market, repurchase it with your profits once the…