Robinhood CEO and co-founder Vlad Tenev says potential rate cuts by the Federal Reserve and two other things are fueling optimism in the crypto space.
In a new interview on CNBC Squawk Box, Tenev says the expected launch of Bitcoin (BTC) exchange-traded funds (ETFs) in the spot market and the increasing need for inflation hedges are also helping to propel the asset class forward.
Says Tenev,
“I think a lot of people have forgotten that Robinhood is a major player in the cryptocurrency industry. We do many things…
During this time we’ve had a crypto team that has innovated, built things, and our approach with crypto is to make it very clear to customers that with Robinhood they get a lot for their crypto…
We have seen our market share grow. I think you’re starting to notice it now that the overall market is growing. I think we can talk about what’s causing that – there’s a lot of theories, no one knows for sure, because this is a decentralized asset.
But there is optimism around an ETF, there is optimism around the changing interest rate environment – the Fed is stopping the aggressive rate hikes that they have been doing and there is also the idea that cryptocurrencies like Bitcoin are an inflation hedge.”
The retail trading giant was recently identified as the third largest holder of Bitcoin by blockchain intelligence firm Arkham.
Arkham, which “deanonymizes” blockchains by identifying and labeling addresses through on-chain analytics, labeled the address beginning with “bc1ql” as “Robinhood: Jump Trading Custody.”
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