It was reported that AOL brokerage Robinhood said on Thursday that in the first quarter of 2021, 9.5 million users would trade cryptocurrencies on its platform, an increase of nearly 6 times from the previous quarter.
As the world’s most traded cryptocurrency, Bitcoin’s price has nearly doubled this year. This is mainly because large financial institutions predict that Bitcoin will be accepted on a wider scale and investors are trying to use Bitcoin to hedge against inflation, which has boosted the market’s interest in Bitcoin. At the same time, Bitcoin also entered Tesla’s list of assets held by companies such as Square and MicroStrategy.
Although central banks around the world are still skeptical of cryptocurrencies, analysts believe that Bitcoin will gain greater appeal as a long-term value preservation tool as it gets more applications in the real world.
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Currently, Robinhood’s platform supports users to buy, sell and hold cryptocurrency. The company has previously stated that it plans to support users to deposit and withdraw bitcoin through other wallets.
In January of this year, due to the video game retailer Game Station transaction (GameStop) stock market turmoil triggered a frenzy, Robinhood has temporarily banned the user in real-time encryption to buy assets, a move that caused some users dissatisfied. Last month, Robinhood had submitted IPO (Initial Public Offering) documents to US regulators in a non-public manner.
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