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Robinhood CEO says ‘NO’ to Bitcoin as strategic asset, Details
In a recent interview with Anthony Pompliano, Vladimir Tenev, the CEO of financial services company Robinhood, confirmed that his organization has no plans to hold Bitcoin (BTC) as an investment. This decision sets Robinhood apart from other prominent corporations that have been increasingly embracing Bitcoin as a strategic asset.
Despite reporting a 165% surge in revenue for its cryptocurrency division, despite Bitcoin market volatility, it appears that the company is not willing to take on the potential risks associated with holding BTC. Tenev stated that while the idea of holding BTC has occasionally surfaced within the organization due to its growing involvement in the cryptocurrency space, Robinhood remains focused on maintaining minimal reserves solely for facilitating client trading activities.
When questioned about potentially investing in BTC, Tenev emphasized that “We wouldn’t rule it out. We haven’t done it thus far. Not in the business of being an investment manager.” This stance indicates that while BTC is not entirely off the table, certain considerations are influencing Robinhood’s approach.
The CEO’s remarks suggest that the company is prioritizing caution over the potential gains of holding Bitcoin as a strategic asset. The reasoning behind this decision may be attributed to the highly volatile nature of cryptocurrency or perhaps a unique growth strategy that the company is adopting, similar to Microsoft.
As a result, calculating the risks associated with digital assets has led Robinhood to take a different path than firms like MicroStrategy and Metaplanet, which have been aggressively expanding their Bitcoin holdings.
Source: ambcrypto.com
