Robinhood to accelerate advancements on crypto platform / Powell reiterates support of CBDCs / BoA does not like the coin

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Inside.com Part of   Network March 19, 2021

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Bitcoin (BTC) $58,955 Ethereum (ETH) $1,825 Binance Coin (BNB) $266 Global Market Cap       $1.81T Prices as of 2 p.m. ET.

Robinhood is expanding on its cryptocurrency services “as fast as possible,” says CEO Vlad Tenev. Tenev discussed expanding crypto services and suggested better rates than Coinbase during a fireside chat posted on Youtube yesterday. More: Robinhood counted 6M first-time crypto traders on their platform over the past two months. This is exponential growth compared to the monthly average of about 200K new crypto traders in 2020. Women make up a large majority of this group, with the platform seeing seven times the amount of female crypto traders so far in 2021.  Tenev commented on the growing number of requests for wallet capabilities on Robinhood, stating that his team is “going to try and get that done as fast as possible.” With the release of a wallet feature, Tenev also suggested that new coins will be added to the platform. The Robinhood CEO also fired shots at its competition, boasting cost-effective crypto offerings that are 1-2% less than Coinbase.

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The U.S. Federal Reserve is in support of state-backed digital currencies and CBDCs. Chairman Jerome Powell spoke at a payments conference yesterday and expressed the need for digital currencies in conjunction with traditional fiat money. More:  Central Bank Digital Currencies (CBDCs) are centralized, fiat-backed stablecoins used to represent a country’s official currency. Since mid-February, the implementation of a digital dollar has been considered a “high priority project” for the United States.  Powell cited the COVID-19 pandemic as an accelerant for the development of new digital payment and currency technologies "to address the limitations of our current arrangements for cross-border payments."

Bank of America’s (BoA) Bitcoin Report is in stark contrast to growing acceptance of the currency from other banking institutions. Despite the bearish report on bitcoin, BoA is nonetheless bullish on decentralized finance (DeFi). Key takeaways from the report include: CBDCs: The report suggests that the adoption of CBDCs will replace private cryptocurrencies. Environmental Impact: BoA claims that buying one BTC is “like owning 60 cars.” Sensitivity to Increased Dollar Demand: BoA estimates an inflow of around $93M would be required to appreciate the price of BTC by 1%. The BoA report is in contrast to a Citibank's (C  -0.50%) report released this month, where they praised bitcoin as having the potential to become “the currency of choice” for international trade.

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Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Charlotte Hayes-Clemens is an editor and writer based in Vancouver. She has dabbled in both the fiction and non-fiction world, having worked at HarperCollins Publishers and more recently as a writing coach for new and self-published authors. Proper semi-colon usage is her hill to die on.

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