Robinhood CEO and co-founder Vlad Tenev says that potential rate cuts by the Federal Reserve and two other things are sparking optimism in the crypto space.
In a new interview on CNBC Squawk Box, Tenev says that the expected launch of spot market Bitcoin (BTC) exchange-traded funds (ETFs) and the increasing need for an inflation hedge are also helping drive 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 a lot of things…
Along this time, we’ve had a crypto team that has been innovating, that’s building stuff, and our approach with crypto is to make it very clear to customers that they’re getting a great deal on their crypto with Robinhood…
We’ve seen our market share grow. I think that you’re starting to notice it now that the overall market is growing. I think we can talk about what’s driving that – there’s a lot of theories out there, nobody knows for sure because this is a decentralized asset.
But there’s optimism around an ETF, there’s optimism around the rate environment changing – the Fed stopping the aggressive rate hikes that they’ve been doing and there’s also this 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 analysis, labeled the address beginning with “bc1ql” as “Robinhood: Jump Trading Custody.”
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