Robinhood CEO: The company currently has no plans to hold Bitcoin for investment purposes
According to reports, in an interview released on Monday, Vladimir Tenev, the CEO of stock and cryptocurrency trading platform Robinhood, stated that despite the increasing importance of cryptocurrencies to the company, Robinhood currently has no plans to hold Bitcoin for investment purposes.
Tenev pointed out that due to Robinhood's growing interest in cryptocurrencies, the idea of holding Bitcoin is "mentioned from time to time". However, he added that apart from holding some cryptocurrencies to meet customer trading needs, Robinhood has no plans to hold Bitcoin as an investment. He said: "We have not ruled out this possibility but we haven't done so yet. After all, we are not engaged in investment management business."
Tenev continued by saying that although Robinhood hasn't included Bitcoin into its balance sheet like companies such as MicroStrategy and Tesla have done so far; its stock price “is already highly correlated with bitcoin even though we don’t hold it financially”; if Robinhood were to hold Bitcoin for investment purposes it could potentially “complicate” investors' perception of the company making them possibly view it as a “Bitcoin-like holder company”.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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