Robinhood CEO and co-founder Vlad Tenev says that potential fee 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 feel lots of people have forgotten that Robinhood is a significant participant within the cryptocurrency business. We do lots 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 an awesome deal on their crypto with Robinhood…
We’ve seen our market share develop. I feel that you just’re beginning to discover it now that the general market is rising. I feel we are able to discuss what’s driving that – there’s lots of theories on the market, no person is aware of for positive as a result of it is a decentralized asset.
However there’s optimism round an ETF, there’s optimism across the fee atmosphere altering – the Fed stopping the aggressive fee 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 large was just lately recognized because the third largest holder of Bitcoin by blockchain intelligence agency Arkham.
Arkham, which “deanonymizes” blockchains by figuring out and labeling addresses via on-chain evaluation, labeled the tackle starting with “bc1ql” as “Robinhood: Leap Buying and selling Custody.”
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