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Robinhood CEO says ‘NO’ to Bitcoin as strategic asset, Details
In a surprising turn of events, Robinhood’s CEO, Vladimir Tenev, has revealed that the company has no plans to hold Bitcoin (BTC) as an investment. This decision is in stark contrast to the growing trend of institutional adoption we are witnessing globally.
During an interview with Anthony Pompliano, Tenev confirmed that the trading platform will not be holding BTC as a strategic asset anytime soon. While acknowledging the idea of holding BTC occasionally does surface within the company, largely due to their involvement in the cryptocurrency space, it has ultimately been deemed unwarranted.
The CEO emphasized that Robinhood is not an investment manager and therefore, does not plan on taking on such a role. The company’s primary focus remains maintaining minimal reserves to facilitate client trading activities, thus ruling out any potential long-term investment.
This development raises questions about Robinhood’s long-term vision in the evolving cryptocurrency landscape, especially considering other major players like MicroStrategy and Metaplane have taken a decidedly different stance.
It is worth noting that this decision might be influenced by the volatile nature of cryptocurrencies or possibly even a unique growth strategy that the company has adopted, similar to Microsoft.
Source: ambcrypto.com
