Robinhood CEO Vlad Tenev on the ‘optimism’ round future cryptocurrency regulation, bitcoin’s all-time highs, weathering potential market storms and buying and selling crypto as an ‘expertise layer.’
Bitcoin’s $100,000 milestone is only the start of a “frontier of innovation,” in line with the CEO of one of many high-market buying and selling platforms.
“The query is, would we like the U.S. to be a frontrunner on this new trade like we’re in synthetic intelligence? I believe the reply is, clearly, sure. We need to proceed to steer there,” Robinhood CEO Vlad Tenev mentioned Thursday on “Cavuto: Coast to Coast.”
“And for some time we weren’t positive whether or not the present administration [had] that view,” he continued. “However the subsequent one, I believe, will get it.”
Bitcoin costs topped $100,000 for the primary time ever on Wednesday night and continued rising the next day because the cryptocurrency added to its record-setting run within the wake of President-elect Trump’s election victory and extra buzz that the incoming administration may have a crypto czar.
On Reality Social, Trump mentioned, “Congratulations, Bitcoiners!!! YOU’RE WELCOME!!! Collectively, we are going to make America nice once more!.”
Robinhood CEO Vlad Tenev talks of hopes for a bitcoin strategic reserve on “Cavuto: Coast to Coast.” (Getty Photographs)
The surge in crypto has pushed traders into associated alternate traded funds. 2X Bitcoin Technique ETF, Grayscale Bitcoin Belief, Hashdex Bitcoin, and ProShares Bitcoin are among the many yr’s high performers, tracked by VettaFi, all with triple-digit returns properly over 100%.
Tenev, who oversees one of many high-funding platforms for shares, ETFs, and crypto, famously says it’s nonetheless “early” days for Bitcoin as market specialists imagine Trump desires to decontrol crypto buying and selling procedures.
“Should you take a look at the registered funding advisor market? They’re now speaking about getting crypto publicity, and that is a multi-trillion [dollar] market, one which Robinhood is getting into as properly. Corporates—you are beginning to hear extra about corporations placing bitcoin and crypto property in their treasury, and on the stability sheet, you’ve spoken of a bitcoin strategic reserve,” the CEO defined.
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“If that had been to occur, different international locations would absolutely observe swimsuits,” he added. “And the argument is, whether it is like gold, as Jerome Powell mentioned, we’ve got a gold strategic reserve; why not ponder diversifying that into cryptocurrencies?”
Bitcoin and different cryptocurrencies signify “the subsequent evolution” of monetary infrastructure, in line with Tenev, who in contrasts the trajectory to that of knowledge integration, going from mainframe, on-premise to now cloud computing.
Nevertheless, that doesn’t imply cryptocurrencies are resistant to market cycles.
MicroStrategy Government Chairman Michael Saylor explains his strategy to purchasing Bitcoin and predicts the asset’s large future value on ‘Making Cash.’
“Again, in 2013, was the primary place you began to listen to about Bitcoin within the information. It went as much as $1,000 per coin in a short time, after which it went again down within the tons and even under $100. Then in 2017, it went to $20,000 and again down into the one digits,” Tenev identified.
“I believe individuals have been holding extra. And I believe the rationale for that’s, notably whenever you take a look at early adopters, a whole lot of these individuals imagine within the expertise. They imagine that it is the future. And there is kind of like a tradition constructed around weathering these storms and holding all through ups and downs.”
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