Baiju Bhatt, the co-founder and co-CEO of crypto and stock trading app Robinhood, spoke to Yahoo! Finance today, June 15, on why he sees cryptocurrencies as hardy enough to stick around for a long time.
“It has this tenacity to it which it just keeps coming back. There are times when there are big run ups in the price, and the price goes down and its relevance in society seems to fade back. And it keeps coming back.”
At the beginning of the year, Robinhood announced that they would add a zero-fee crypto trading option in February, with over 1 million users signed up for the service within a few days. While the crypto trading options that initially went live on Feb. 22 are Bitcoin and Ethereum (ETH), Bhatt noted today that they are “investing heavily in adding more coins, wallet functionality.”
As for the future of crypto, although Bhatt did say that he believes that “sovereign nations are going to have cryptocurrencies as their default currencies at some point,” the most important thing to overcome is for those working in the crypto sector to live up to the innovation hype. According to Bhatt, one of the harshest “criticism[s] against innovation” is the lack of real use cases for crypto today.
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