CEO of Robinhood Tells Yahoo! Finance Cryptos “and it Just Keeps Coming Back”
When Baiju Bhatt, CEO of Robinhood, got the opportunity to speak to Yahoo! Finance, on June 15, 2018, he discussed the prosperity of cryptocurrencies. Based on what he shared, he strongly believes that the cryptos are to stay and will continue to attract users.
Like many successful individuals, who managed to board the crypto ship upon the release of Bitcoin, Bhatt and his business partner Vladimir Tenev started their journey mining Bitcoins (BTC). Seeing its potential, it seemed obvious that Robinhood, an application that houses stocks, ETFs and options should also make cryptocurrencies available.
He told Yahoo! Finance that,
“It has this tenacity to it which it just keeps coming back. There are times when there are big run ups in the price, and the price goes down and its relevance in society seems to fade back. And it keeps coming back.”
Robinhood has gained a lot of popularly solely for its zero-fee crypto trading concept that was announced February of this year – resulting in millions of interests. What started as an effort to include the likes of Bitcoin (BTC) and Ethereum (ETH), will eventually include other coins as well, says Bhatt.
With the US Securities and Exchange Commission (SEC) making decisions as to what tokens will be considered a security, Bhatt does not seem to be bothered by it, as Robinhood is a registered broker deal, which complies with regulations.
Lastly, with respective to what Bhatt believes the future holds for cryptos, he stated that, “sovereign nations are going to have cryptocurrencies as their default currencies at some point.” However, he believes that firms within the crypto industry need to address the issue of not having that many real-life uses attached.
He leaves crypto fanatics with a question worth pondering upon:
“When is the last time you’ve ever had a day, when you’ve been like man, I gotta use that Bitcoin right now. It doesn’t happen, right?”