Robinhood CEO Vlad Tenev recently expressed his opinion on the surge of Bitcoin to around $90,000 and the impact of U.S. President-elect Donald Trump on this rally.
Tenev believes that the cryptocurrency industry may prosper under Trump’s leadership, anticipating a more favorable attitude towards cryptocurrency. In a recent interview, Tenev referred to the Bitcoin rally as a “Trump Pump,” suggesting that optimism is increasing due to Trump’s supportive stance on crypto. Trump has promised to make the United States a global center for crypto innovation, a prospect that Tenev sees as a potential boost for the sector. Bitcoin prices have risen by over 24% in the past week, with Tenev attributing part of this increase to Trump’s pro-crypto outlook, which has been a consistent theme since his campaign began.
Tenev criticized the Securities and Exchange Commission’s (SEC) previous regulatory approach, stating that it hindered the growth of U.S. crypto and forced companies to move offshore. He believes that a Trump administration may bring regulatory clarity through new legislation, especially since Republicans control both the executive and legislative branches.
The Robinhood CEO also suggested that asset tokenization could prosper under Trump, potentially integrating traditional finance with decentralized finance (DeFi). He highlighted Robinhood’s crypto operations as an example, emphasizing the efficiency of blockchain technology and the benefits of 24/7 trading. Moreover, with Robinhood’s Chief Legal Officer Dan Gallagher being considered as a possible successor to SEC Chair Gary Gensler, Tenev views Trump’s administration as a positive shift for Robinhood, particularly in light of recent scrutiny from the SEC.