Join NexChange - the professional
network for the financial services
industry - and receive a free one-
year subscription to Forbes
Robinhood Co-CEO Says Sovereign Nations Will One Day Make Cryptocurrencies Their Default Currencies
Capital Markets, FinTech
Despite its sustained slump, the cryptocurrency market just received a huge vote of confidence from one of the biggest venture capital firms in Silicon Valley when Andreessen Horowitz launched its highly anticipated crypto fund last week.
The digital coin space had actually received another much-needed boost from one of the 25 richest unicorns in the world: Robinhood co-CEO Baiju Bhatt told a conference last month that he believes cryptocurrencies will someday become the default currency of sovereign nations.
While he is confident in the future of the crypto market, Bhatt did not ignore its current volatility, as Yahoo Finance reports.
“There’s a lot of them out there, and it’s going to be clumsy,” he acknowledged, comparing the state of cryptocurrencies to the early days of the internet, which itself went through years of rapid, unregulated growth. “There are going to be a lot of things that look like they’re going to matter, and then they’re not going to matter.”
Of course, Robinhood has already put its weight behind cryptocurrencies when it began offering zero-fee crytocurrency trading on its app in February. The app allows users to only buy and sell Bitcoin and Ethereum, but can add 16 other digital coins to their watchlist in order to “monitor market data, read cryptocurrencies news, and create custom price alerts.”
“We believe that cryptocurrencies have the potential to fundamentally reorganize the way money works from the ground up, putting power previously held by financial institutions directly in the hands of the people,” the company said in a blog post announcing the new feature.
Robinhood is currently valued at $5.6 billion, according to data from CB Insights.
Photo: Collision Conference/Flickr