Robinhood CEO stated that It’s ‘VERY FOOLISH’ to Rule Out Bitcoin
The co-founder of the Robinhood was Bullish on Bitcoin despite the Price Declines seen over last few months
Over a million people marked dependent upon trade cryptocurrencies in the times after mobile trading app Robinhood announced the feature, co-CEO Vlad Tenev said during CB Insights’ Future of Fintech conference.
The co-founder of the investing app and web platform was bullish on bitcoin although the value decreases seen in recent few months, saying “this asset has staying power, significant staying power.”
Tenev noted that bitcoin’s price, in particular, needs to be fluctuated in comparable patterns before, adding:
“It’s very foolish to say bitcoin is done.”
Robinhood, a micro-finance investing app which searched for opening access to the stock exchange to the public, jumped on the cryptocurrency wagon sooner this year.
Tenev said that:
“around that time a lot of the biggest crypto exchanges and brokerages a lot of the exchanges … were not staying up. [They were] downward for days at some point. [We’re] focused on balance and dependability. We were adept in keeping up with the customer orders… hundreds of thousands of accounts [added in a single day].”
At present, as stated by Tenev, the organization will be attempting “to get people into the overall ecosystem.”
“What we’ve notice that a lot is people hearing about us because of crypto, opening accounts … and become sort of customers of the entire Robinhood ecosystem,” he said.
That being said “blockchain as a concept has become a little bit over-rated,” he noted, demonstrating that startups are attempting to jump on the fleeting trend toward utilizing decentralized ledgers when an ordinary database would be sufficient.
Still, Tenev accepts that “we want to be there as a market leader over the span of decades.”
