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An epic video depicting WallStreetBets and Bitcoin’s shakeup of the financial system has shot to the front page of the Bitcoin subreddit.
The Oscar-worthy clip inserts key players of the GameStop short-squeeze saga into a League Of Legends battle scene, including WallStreetBets, Reddit, Janet Yellen, Chamath Palihapitiya, and Robinhood.
Just as it appears that Yellen and RobinHood are about to deal the final blow to the little guys at WallStreetBets, Chamath Palihapitiya destroys Robin Hood, and Elon Musk summons Bitcoin from the sky to take over the kingdom.
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As it turns out, Bitcoin’s conquest may have some basis in reality. According to new data from The Block, Bitcoin traders may be preparing for a GameStop style short-squeeze on BTC as hedge funds stack short positions on the world’s top crypto.
The data shows that since October, hedge funds have accumulated at least $1 billion in short positions on BTC, climbing almost every day, even as Bitcoin continues to gain recognition from institutions, celebrities, and retail traders.
Should the hedge funds get short-squeezed on Bitcoin, it would echo what Morgan Creek Digital founder Anthony Pompliano said last week on CNBC about the retail trader rebellion inevitably moving into the crypto markets as more and more traders become frustrated with the rampant manipulation of traditional markets.
“We’re just watching the acceleration, where these people are going to pick up their ball and they’re going to go play elsewhere. And they’re going to move to the digital decentralized financial system that is a free market that operates as a meritocracy, where the best idea wins. If you’re right, you profit. If you’re wrong, you lose.
There’s no bailouts, there’s no circuit breakers, there’s no hours of operations, there’s no one to call to halt the trading of a stock. If you’re right, you profit, and if you’re wrong you lose. But that’s no longer happening in American financial markets. We now have manipulated markets where the free market does not reign, and therefore we’re going to accelerate the digital decentralized financial system that’s being built now.”
Featured Image: Shutterstock/Tithi Luadthong