COINOTAG reported on December 24th that Robinhood’s CEO, Vladimir Tenev, indicated in a recent interview the firm’s potential interest in Bitcoin. While recognizing the growing demand for cryptocurrency among users, Tenev clarified that the company currently has no intention to hold BTC as an investment asset. He remarked, “While the prospect of acquiring Bitcoin does arise, we haven’t yet committed to this strategy.” Tenev emphasized that unlike Bitcoin-focused firms such as MicroStrategy and Tesla, Robinhood’s stock has displayed a significant correlation with Bitcoin prices, even without direct holdings. In 2023, Robinhood’s shares surged by 202%, outpacing Bitcoin’s 110% increase in the same period. Tenev further noted that entering the realm of cryptocurrency investments might alter investor perceptions, framing Robinhood’s approach as a “quasi Bitcoin holding strategy,” which could complicate its market standing.
Timely, reliable coverage of breaking news, insights, and analyses on Bitcoin and cryptocurrencies since 2018.
Disclaimer: The information provided on COINOTAG NEWS is for informational purposes only and should not be considered financial or investment advice. Always conduct your own research and consult with a financial advisor before making any investment decisions.
© COINOTAG News 2024