Robinhood’s CEO and co-founder, Vlad Tenev, suggests that optimism in the crypto space is being fueled by potential Federal Reserve rate cuts and two additional factors. In a recent CNBC Squawk Box interview, Tenev pointed out that the anticipated introduction of Bitcoin (BTC) exchange-traded funds (ETFs) in the spot market and the growing demand for an inflation hedge are contributing to the positive momentum in the crypto market.
However, optimism is emerging on multiple fronts, including the potential for an ETF, a shift in the rate environment with expectations of the Federal Reserve scaling back aggressive rate hikes, and the perception of cryptocurrencies, such as Bitcoin, as a hedge against inflation.
The retail trading giant, Robinhood, has recently been recognized as the third-largest Bitcoin holder, according to blockchain intelligence firm Arkham. Using on-chain analysis to “deanonymize” blockchains, Arkham identified the address starting with “bc1ql” as “Robinhood: Jump Trading Custody.”