9.5 Million Users Traded Cryptocurrency on Robinhood in First Quarter of 2021


Illustration for article titled 9.5 Million Users Traded Cryptocurrency on Robinhood in First Quarter of 2021

Photo: Justin Sullivan (Getty Images)

Roughly 9.5 million people traded cryptocurrency on the Robinhood app in the first quarter of 2021, the company announced in a new blog post on Thursday. The number is significantly higher than the last quarter of 2020, when just 1.7 million people traded cryptocurrencies on Robinhood, according to the company.

The news from Robinhood comes as cryptocurrencies like bitcoin and ether become more and more mainstream, even as the risks remain significant. Companies like PayPal are moving into the crypto trading arena and it’s becoming much easier for the average consumer to convert fiat currencies into digital Monopoly money.

But while PayPal has a relatively limited number of imaginary currencies on offer, Robinhood has included a wider selection, including the joke currency Dogecoin—a memecoin that billionaire Elon Musk has tried to pump several times to very little movement.

From Robinhood’s blog post:

Robinhood Crypto currently offers seven tradeable coins: Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin. They vary slightly, but they’re united by the same general philosophy that underpins all cryptocurrency.

That philosophy? Getting rich without having to work. Or, if Robinhood is to be beleived, a “mission to take power away from institutions and return it to the people.”

Robinhood’s crypto numbers are surely impressive, but they’re still relatively modest when compared with other technologies. For example, Pew released a new study about social media this week showing that 81% of U.S. adults use YouTube, 69% use Facebook, and 40% use Instagram. Bitcoin boosters would kill for that kind of uptake.

Cryptocurrencies will certainly continue to grow in 2021, but the long-term outlook is still very much up the air, especially as central banks around the world contemplate creating their own digital currencies. Does bitcoin have a future when the people running major world economies get serious about digital money? Only time will tell. But invest at your own risk.

We all remember the bitcoin crash of 2018 that lost plenty of people a lot of money. Here’s hoping people don’t lose their homes when it inevitably crashes again.



Read Full Article

Latest articles

Two of the biggest cryptocurrencies in the crypto market are set to double in value this year, according to analysts

Ethereum and Bitcoin, two of the biggest cryptocurrencies in the market, are set to at least double their price before the end of...

Global Blockchain Distributed Ledger Market Outlook to 2026 with Profiles of Key Players, Including Accenture, AWS, Huawei Technologies, Intel, IBM, iXLedger, NTT DATA Corp,...

DUBLIN, November 26, 2021--(BUSINESS WIRE)--The "Blockchain Distributed Ledger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added...

This Bitcoin And Ethereum Mining Stock Looks Like It’s About To Break Out

Riot Blockchain Inc. (NASDAQ: RIOT) shares traded higher Thursday after the cryptocurrency mining stock is likely moving higher as Bitcoin (CRYPTO: BTC) and...

Bholdus successfully issued NFT on its blockchain

SINGAPORE, Nov. 27, 2021 (GLOBE NEWSWIRE) -- One of Bholdus’ key features - NFTs issuance - was fully developed on its Testnet platform,...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here