Robinhood CEO and co-founder Vlad Tenev says that potential price cuts by the Federal Reserve and two different issues are sparking optimism within the crypto area.
In a brand new interview on CNBC Squawk Field, Tenev says that the anticipated launch of spot market Bitcoin (BTC) exchange-traded funds (ETFs) and the rising want for an inflation hedge are additionally serving to drive the asset class ahead.
Says Tenev,
“I believe lots of people have forgotten that Robinhood is a serious participant within the cryptocurrency trade. We do quite a lot of issues…
Alongside this time, we’ve had a crypto crew that has been innovating, that’s constructing stuff, and our strategy with crypto is to make it very clear to clients that they’re getting a fantastic deal on their crypto with Robinhood…
We’ve seen our market share develop. I believe that you simply’re beginning to discover it now that the general market is rising. I believe we will speak about what’s driving that – there’s quite a lot of theories on the market, no one is aware of for certain as a result of it is a decentralized asset.
However there’s optimism round an ETF, there’s optimism across the price setting altering – the Fed stopping the aggressive price hikes that they’ve been doing and there’s additionally this concept that cryptocurrencies like Bitcoin are an inflation hedge.”
The retail buying and selling big was lately recognized because the third largest holder of Bitcoin by blockchain intelligence agency Arkham.
Arkham, which “deanonymizes” blockchains by figuring out and labeling addresses by means of on-chain evaluation, labeled the tackle starting with “bc1ql” as “Robinhood: Bounce Buying and selling Custody.”
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