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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 believe lots of people have forgotten that Robinhood is a significant participant within the cryptocurrency business. We do a variety of issues…
Alongside this time, we’ve had a crypto crew that has been innovating, that’s constructing stuff, and our method with crypto is to make it very clear to clients that they’re getting an important deal on their crypto with Robinhood…
We’ve seen our market share develop. I believe that you just’re beginning to discover it now that the general market is rising. I believe we will discuss what’s driving that – there’s a variety of theories on the market, no one is aware of for positive as a result of this can be a decentralized asset.
However there’s optimism round an ETF, there’s optimism across the fee surroundings 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 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 tackle starting with “bc1ql” as “Robinhood: Soar Buying and selling Custody.”
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