Reddit, which is the 17th most popular website in the world, was valued at $6.5 billion for their IPO today.
Someone created a Reddit crypto coin also, which has nothing to do with the company, yet many people are buying the token because they think it will appreciate more than the company's stock.
The Reddit coin was up ~ 70% today.
The idea of two parallel financial systems trading the same events, but doing it in their native way is fascinating.
Reddit the company is going public and investors will buy shares if they believe the fundamentals of the business will improve in the future.
Reddit the coin is already trading and investors will buy the coin if they believe the conversation, narrative, and meme will improve in the future.
While the company's stock hasn't started trading yet, the Reddit token holders are up ~ 400% in the last month.
It is obvious the company has long-term value and the coin likely does not. That won't stop people from short-term speculating on both.
If the coin outperforms the stock, I would expect people to launch more coins side-by-side with IPOs. Capital will also flow into these coins as investors chase outperformance.
I am not buying the coin, nor am I advising anyone else to either. There is tremendous risk that the coin goes to zero. At the same time, I am an investor in Reddit (the company) via an SPV.
It will be fascinating to see how this plays out and what the repercussions are for future IPOs.
Two systems. One event. Everyone speculating.
stablecoins collectively hit $150b today (@artemis__xyz data - $154b according to the block, $143b at https://t.co/Pk1p10hAjK)
if they were a sovereign, they'd be the 16th largest holder of USTs, if they were a MMMF, they'd be the 14th largest
I have a confession to make. I like buying the dip when haters make comments like this. Thank you for the cheap BTC at 63k.
If anyone has some NLP software for me to API into I would like to feed tweets from these accounts (e.g. @PeterSchiff) for contra signals and will publish it publicly.
There is going to be an energy war in the USA.
Massive new demand from AI, BTC, EV, Cannabis, Trad-Data, and electrification.
I hope we build way more energy. We can unlock the technology to solve our economic and environmental problems with cheap energy.
Nuclear is the way.
@MChandlerMather Here's an idea, save your deposit into #bitcoin When priced in #bitcoin Australian house prices have been crashing for 10 years
https://t.co/8OL771Vqae
Just saying.
@coryswan There once were three scammers, so sly,
Fred Krueger, British Hodl, and Giovanni, oh my!
In crypto's domain, They played a deceitful game,
But their schemes soon unravelled and went dry.
(ChatGPT)
Totally. Whatever this guy sells, DEFINITELY BUY IT. Extremely high integrity, thick skin, and omg physics. Plus he knows exactly when to short the pico top and I'm sure will tell you if you DM him.