It turns out a congressional hearing aimed partly at investigating stock-pumping on the internet is a great opportunity for, well, pumping stocks on the internet.
Thursday’s House Financial Services Committee hearing on recent volatility in
shares was a mostly serious affair. Unless you were watching the hearing on YouTube, where a fast-flowing comment section gave netizens opportunities to tout their favorite speculative stock, cryptocurrency, or even their favorite slightly radioactive commodity. In this online community, turning off the caps lock is optional, and rocket emojis are mandatory.
“DON’T BUY DOGE, IT’S A MEMECOIN.BUY BITCOIN.” One commenter wrote. “Vaxart for COVID PILL VACCINE,” chimed in another, in a reference to the biotech startup aiming to develop an oral vaccine for the coronavirus.
Other commenters were there to remind the community that there are other asset classes besides speculative stocks and cryptocurrency—one can also bet on commodities too. “URANIUM, URANIUM, URANIUM,” wrote one commenter, though it was unclear whether they were bullish or bearish.
No matter what the internet decides to bid up en masse next, it is safe to say that not everyone learned a lesson from GameStop’s epic rise and fall.
Write to Charley Grant at [email protected]
Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8