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 growing 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 serious participant within the cryptocurrency trade. We do quite a lot of issues…
Alongside this time, we’ve had a crypto staff that has been innovating, that’s constructing stuff, and our method with crypto is to make it very clear to prospects that they’re getting a fantastic deal on their crypto with Robinhood…
We’ve seen our market share develop. I feel that you simply’re beginning to discover it now that the general market is rising. I feel we are able to speak about what’s driving that – there’s quite a lot of theories on the market, no one 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 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 not too long ago identified because the third largest holder of Bitcoin by blockchain intelligence agency Arkham.
Arkham, which “deanonymizes” blockchains by figuring out and labeling addresses by way of on-chain evaluation, labeled the deal with starting with “bc1ql” as “Robinhood: Leap Buying and selling Custody.”
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Examine Price Action
Observe us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Day by day Hodl usually are not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any loses chances are you’ll incur are your accountability. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please notice that The Day by day Hodl participates in affiliate internet marketing.
Generated Picture: Midjourney