Robinhood CEO Vlad Tenev recently stated that he has “no plans to hold Bitcoin for investment purposes.” This announcement comes despite the recent rise in Bitcoin’s value and the increasing popularity of cryptocurrencies. In an interview with The Block, Tenev said that while he is “personally fascinated by the rise of crypto,” he doesn’t plan to hold Bitcoin as an investment. He explained that if Robinhood were to hold Bitcoin as an investment, “it would complicate how investors think about the company,” adding that “our stock has a high correlation with Bitcoin even though we don’t own any.” Despite Tenev’s personal stance on Bitcoin, Robinhood does allow its users to trade the cryptocurrency. The company has also been a vocal advocate for the cryptocurrency industry, and has even launched its own cryptocurrency wallet. Year-to-date, Robinhood stock HOOD is up 202%, while Bitcoin is up 110%.

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