Baiju Bhatt, co-founder of free stock trading platform Robinhood, has shared his view on bitcoin and the cryptocurrency market. The co-CEO said that he believes that the cryptocurrency market is here to stay because it holds a strong future ahead while stating that Bitcoin just keeps on coming back.
Bhatt made positive comments and assumptions regarding the general digital currency market during an insightful interview with Yahoo Finance. He pointed out that many countries will begin to adopt digital currencies as a suitable means of payment in the future. There is an increasing number of individuals, firms and even governments using cryptocurrencies as means of payment for various transactions across the world daily. He also insisted that he believes that sovereign countries will adopt and approve cryptographic forms of money as their choice of currency while noting that small nations may potentially become reliant on virtual resources for survival and as a store of value.
Considering the high rate of inflation in some economies in the world such as the ongoing prevalent hyperinflation in Venezuela, Bhatt suggested that smaller nations may begin to embrace digital currencies as a decentralized and secure method of exchanging and transferring value between individuals and firms.
“We have been thinking about it for a couple of years. We had been watching it (Bitcoin) over the years, and we noticed one thing which we really looked at when considering when to offer it to our consumers, which is its resiliency. It has this tenacity to it where it just keeps on coming back.”
Robinhood Could Get Bigger Than Coinbase
In January 2018, Robinhood announced the launching of a new digital currency service which was generally welcomed by the public, with a considerable number of users showing interest by putting down their names on the early access mailing list. Shortly after the official launching of Robinhood Crypto, the platform was faced with mixed reviews. As at that the time, Robinhood Crypto was only opened in a few states in the USA and just a couple of cryptocurrencies were available for transactions on the platform. The Robinhood platform allows clients to exchange, store and withdraw digital currencies. Robinhood can now boast of a large number of users and customers on its platform; this is because it features a friendly user interface and a free platform.
Coinbase is undoubtedly a standout amongst the most matured establishments in the digital currency market; it recently clocked six years of rendering services to over 20 million customer accounts. Bhatt acknowledged Coinbase’s charge structure amid the interview, regardless of complimenting Coinbase as an incredible organization. Bhatt stated that:
“We (Robinhood) think that we are good at building the best consumer products and making sure that we can offer them at the best prices. And while you may end up paying a fee of 4% perhaps more on Coinbase, on Robinhood it is free and we think our interface is easy to use as well.”
Robinhood may have a tough time in taking the appropriate steps to ensure a positive transition to support a more significant number of cryptocurrency trading, especially in such a volatile and unpredictable business sector.