Robinhood CEO and co-founder Vlad Tenev says that potential charge 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 significant participant within the cryptocurrency trade. We do lots of issues…
Alongside this time, we’ve had a crypto group that has been innovating, that’s constructing stuff, and our strategy with crypto is to make it very clear to prospects that they’re getting an important 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 lots of theories on the market, no person is aware of for positive as a result of this can be a decentralized asset.
However there’s optimism round an ETF, there’s optimism across the charge atmosphere altering – the Fed stopping the aggressive charge 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 deal with starting with “bc1ql” as “Robinhood: Bounce Buying and selling Custody.”
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