Robinhood CEO: Ruling Out Bitcoin is a Mistake

A lot more than a million people registered to trade cryptocurrencies some days after mobile trading app Robinhood initially introduced the feature, co-CEO Vlad Tenev at the Future of Fintech conference on Wednesday.

The co-founder of the trading app and web program was bullish on bitcoin regardless of the fall in prices observed over the last few months, saying “this asset has staying power, significant staying power.”

Tenev mentioned that bitcoin’s price, specifically, has changed in identical patterns previously, adding:

“It’s very foolish to say bitcoin is done.”

Robinhood, a micro-finance investing app which wanted to open access to stock trading to the community, was added to the list of supporters of bitcoin earlier this year, as earlier reported by CoinDesk.

Tenev stated on Wednesday that “during that period a whole lot of the most significant crypto exchanges and brokerages a lot of the exchanges … were just not staying at the top. [They were] down for days at a time. [We’re] concentrated on balance and trustworthiness. We were equipped to support the customer orders … hundreds of thousands of accounts [added in a single day].”

At this time, according to Tenev, the firm is seeking “to get people into the overall ecosystem.”

“What we have noticed on several occasions are people getting to know us because of crypto, opening accounts … and come to be sort of clients of the entire Robinhood ecosystem,” he said.

Having said that, “blockchain as a principle has come to be slightly over-rated,” he said, outlining that new ventures are attempting to jump on the bandwagon by making use of decentralized ledgers where a normal database would be enough.

Nevertheless, Tenev confessed that “we would like to be there as a market innovator over the span of decades.