Home / Crypto Currency / Robinhood CEO: It’s ‘Very Foolish’ to Rule Out Bitcoin

Robinhood CEO: It’s ‘Very Foolish’ to Rule Out Bitcoin

More than a million people signed up to trade cryptocurrencies in the days after mobile trading app Robinhood first announced the feature, co-CEO Vlad Tenev at the Future of Fintech conference on Wednesday.

The co-founder of the investing app and web platform was bullish on bitcoin despite the price declines seen over the last few months, saying "this asset has staying power, significant staying power."

Tenev noted that bitcoin's price, in particular, has fluctuated in similar patterns before, adding:

"It's very foolish to say bitcoin is done."

Robinhood, a micro finance investing app which sought to open access to stock trading to the general public, jumped on the cryptocurrency wagon earlier this year, as previously reported by CoinDesk.

Tenev said Wednesday that "around that time a lot of the biggest crypto exchanges and brokerages a lot of the exchanges … were just not staying up. [They were] down for days at a time. [We're] focused on stability and reliability. We were able to sustain the customer orders … hundreds of thousands of accounts [added in a single day]."

At present, according to Tenev, the company is trying "to get people into the overall ecosystem."

"What we've seen 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, explaining that startups are trying to jump on the bandwagon by using decentralized ledgers where a normal database would suffice.

Still, Tenev admitted that "we want to be there as a market leader over the span of decades."

Vlad Tenev image via CB Insights

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Read more

Check Also

Interview: Former Huobi US Compliance Chief Talks NY Cryptocurrency Exchange Report

Harry Zhou, former general counsel and compliance officer for Huobi US, spoke with CCN about the latest report from New York’s attorney general on cryptocurrency exchanges. Zhou helped set up the legal framework in New York for cryptocurrency exchanges, namely the application and regulations for the BitLicense. He represented Huobi for comments on the BitLicense proposal The post Interview: Former Huobi US Compliance Chief Talks NY Cryptocurrency Exchange Report appeared first on CCN

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.