Benzinga - Vlad Tenev, CEO of Robinhood Markets Inc (NASDAQ:HOOD), expressed optimism about the future of Bitcoin (CRYPTO: BTC) and the potential for a Bitcoin ETF during the company’s Tuesday earnings call.
What Happened: In response to a question from Dan Dolev, Mizuho Securities analyst regarding the opportunity presented by a potential Bitcoin ETF, Tenev noted the increasing attractiveness of Bitcoin as a mainstream asset for diversification.
"I think that what you’re seeing is Bitcoin continuing to become attractive to more and more stakeholders as a mainstream asset for diversification. There has been a long-held thesis that it’s a good inflation hedge. And obviously, in a high inflation environment, people are interested in ways to diversify their exposure," Tenev said.
Tenev noted that Robinhood has been an early adopter in offering Bitcoin in its native form, allowing users to invest in cryptocurrencies. He emphasized that the company has made significant improvements to the crypto user interface, providing customers with more transparency by showing them the spread and the all-in cost of execution.
".. More customers will see just how great of a deal they’re getting with their ability to diversify their portfolio into crypto currencies," Tenev adds.
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Why It Matters: Robinhood reported a drop in its crypto trading revenues during the third quarter, continuing a trend seen throughout 2023. Transaction-based revenues on cryptocurrencies declined by 55% to $23 million, compared to the previous quarter.
This decline in revenue was more significant in the crypto segment compared to equities, where transaction revenues dropped by 13%.
Photo Courtesy: Robinhood
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