Robinhood CEO Vlad Tenev discussed the significant increase in cryptocurrency trading volume and its effects on the crypto market and the company during CNBC’s “Squawk Box” program.
Tenev mentioned that there was a 75% increase in crypto transactions between October and November, stating that this increase is tied to Robinhood’s growing presence in the crypto sector.
The CEO highlighted that Robinhood has developed innovative solutions in the crypto space and has provided significant opportunities to its customers for crypto trading. He mentioned that this approach has increased the company’s market share, and this growth has become more pronounced as the overall market expands.
Tenev asserted that despite being decentralized, cryptocurrencies differ from traditional economies and investment tools. He proposed various theories that could support them, such as the approval of a spot Bitcoin ETF in the US, the possibility that the Federal Reserve has ceased raising interest rates, and the proposition that Bitcoin and altcoins offer protection against inflation.
Addressing the influence of cryptocurrencies on the company’s value and earnings, Tenev emphasized that the company is not solely dependent on the crypto market and has a diversified business model.