WallStreetBets founder Jaime Rogozinski. Jaime Rogozinski.
Jaime Rogozinski, founder of WallStreetBets, speaks to Insider about his crypto-based trading platform WSB DApp.
Rogozinski says, "This is very much an opportunity for me to say that crypto and Wall Street will definitely merge."
He suggested that the platform create a Nancy ETP to attract attention from Nancy Pelosi's husband on stock trading.
WallStreetBets founder Jaime Rogozinski believes there is potential for a new investment product that tracks the stock bets made in the US House Speaker Nancy Pelosi's husband. His trading has caused outrage and fascination among amateur traders.
He suggested that a Pelosi-themed portfolio of exchange-traded portfolios could emerge from the latest iteration in his campaign to empower retail investors, WallStreetBets DApp.
Rogozinski said that he had an idea. It was a joke. But, it is something I cannot shake. So, I think I will push for it.
His vision for WallStreetBets DApp is a blockchain-based shop that stocks and sells other assets.
Rogozinski, a strategic partner in this project, wants ordinary investors to build their wealth using the same community-powered energy as the WallStreetBets forum of Reddit did to disrupt the trading world this past year.
WallStreetBets came to the forefront of attention in January when WallStreetBets was made famous by retail investors who teamed up to drive a huge increase in GameStop stock price. This squeezed hedge funds that were shorting the so-called memestock. Rogozinski views the WSB DApp as the next big thing within the financial world.
He said that "this is very much a means for me to say cryptocurrency and Wall Street are definitely going fusion and they're already spilling into each other," during an interview with Insider from Mexico City, where his family lives.
Rogozinski stated that for far too long I mistakenly assumed blockchain technology and cryptocurrency were the same thing. "This entire DeFi (decentralized financing) infrastructure is able to create an ecosystem in finance that's more powerful than I could have imagined.
"Nancy ETP"
Rogozinski's suggestion for an automated "Nancy ETP", would highlight a key feature of WSB DApp. This platform allows members of the community to suggest the creation and composition of ETPs. These can contain a variety of assets, including domestic and international equities and cryptocurrencies.
A native token called the $WSB governance token is available on the WSB DApp platform. People can purchase it and use it to vote on what assets and weightings should be included in an ETP. Token holders who believe Tesla should be 90% instead of 10% of an ETP can vote by signing a transaction with their $WSB tokens during voting periods.
Rogozinski stated that a Pelosi-centered ETP would also apply the "if they can't beat us, join them" approach to investing. It would also draw attention to the outrage and debate about stock trading by members and their families.
One trade stood out in the case against Paul Pelosi. It was shares of Alphabet, Google's parent company. He received $5.3 million in Google stock before the House Judiciary Committee voted on antitrust regulation. Speaker Pelosi spokespeople told media outlets that she does not own any stock and was unaware of her husband's equity purchases.
Rogozinski said that while the chaos continues, "people can make money" with products like the "Nancy ETP". He said that Paul Pelosi's past performance was "certainly impressive" and that nothing is certain.
Many retail investors have started to follow Paul Pelosi's lead and mimic his stock picks in the past two years due to their strong performance. There have been memes about Nancy Pelosi, which suggests that she is a skilled investor who can profit from insider information.
Life after moderating WallStreetBets
Pelosi's controversy is the perfect mix of ingredients for discussions on WallStreetBets forums. Rogozinski started the forum in 2012 to discuss ideas about money-making, aggressive trades. After being accused by others of trying to profit off the subreddit, he was fired as moderator of WallStreetBets in April 2020.
According to a Wall Street Journal report, he sold RatPac Entertainment the rights to his personal story in exchange for a low-six figure payment.
The entertainment company will produce a variety of projects that will reveal more about the dispute, including movies, podcasts and other media. Rogozinski stated that the documentary was in production and would be released next year.
While he is no longer a WallStreetBets moderator his WSB DApp platform will continue its mission to democratize markets. WallStretBets announced in May that retail investors will use the $WSB token to rebalance ETPs. This will not be done by "opaque, politically connected" banks or hedge funds.
