Robinhood Co-CEO Thinks the Future Is Cryptocurrencies
Robinhood co-CEO, Baiju Bhatt, believes that the future lies in cryptocurrencies. On top of this, he believes that digital currencies could become default currencies in sovereign nations if not today but one day in the future. His comments assumed significance as most of the central bank governors were unanimous that virtual currency cannot replace the existing fiat currency citing a number of reasons. This included monetary policy and controlling the money supply.
According to a report in Yahoo, Bhatt thinks that it is inevitable for the sovereign nations to make digital currencies as their default currency. However, he was not ready to project the time frame to happen and said that whether it happens in the next year or even after 15 years. That might seem like a lengthy period. He was airing the views during a live All Markets Summit: Crypto in San Francisco. Though there are some others who have similar opinions, there are people like billionaire investor Warren Buffett who does not see any such eventuality.
The co-CEO indicated that his objective is to drive Robinhood to play a key role towards making the cryptocurrencies as default currencies of countries. In February, the California-based startup has launched a crypto-focused platform, Robinhood Crypto. The startup firm, which was valued at about $5.6 billion, enables its platform to be used for monitoring, as well as, tracking 16 virtual currencies apart from trading in bitcoin and Ethereum across the 16 States.
While referring more than four million general users, Bhatt has refused to specify as to the number of users who also use Robinhood Crypto. He was also not ready to indicate when the brokerage would enable other digital currencies trading in its platform. However, virtual currencies are facing a number of headwinds currently forcing the people to think about it when it comes to reality.
One of the primary reasons for it is that several experts like Bill Gates, Buffett and Jamie Dimon of JPMorgan have commented against the cryptocurrencies in the past. Buffett has even termed it “rat poison squared” thus leading to a bad ending. Aside from these comments, the volatility is also haunting investors since the values of crypto could go sharply in one week and dragged down the following week. This included bitcoin or Ethereum, the two leading virtual assets.
Some Coins Will Be Excellent
Those things are not deterring Bhatt from predicting the digital coin segment. He believes that some crypto tokens would finally be termed as an excellent one and be a more stable store of value. While pointing out a lot of them are in the market currently, he acknowledged that “it’s going to clumsy.”
Robinhood co-CEO said, “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.” Though people like Bhatt see the emergence of cryptocurrency as default, there are enough doubts among investors. This included how the government could boost the supply during the recession period or drag down when the inflation is higher.