A New Audience for Crypto?

by | May 19, 2022 | Crypto

Good Thursday to you. It’s Matt here. 

Man, let’s be real … the markets are crushing souls right now. It sucks. 

I’m not gonna sugarcoat the benchmark indexes having intraday drops that rival small-cap stocks, but I will say this…

At some point, the madness will stop. Things will calm down, move sideways, and even provide some green days in between the red. As a day trader, you have an opportunity that investors don’t have … the opportunity to pick and choose your risk.

And today, I’m sharing some news that’s got me seeing hope on the horizon for crypto and NFT plays. This kind of endorsement could bring lots of opportunities in the future. Let’s take a closer look…

Robinhood Showed Up to the Crypto Party

On its quest for retail trader domination, Robinhood Markets, Inc. (NASDAQ: HOOD) recently decided to step into crypto in a big way. 

Now, we don’t recommend that students trade on Robinhood. Not just because of its controversial history and run-ins with the SEC. It’s just that there are MUCH better trading platforms out there where traders’ needs and interests come first

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In April, Robinhood launched an in-app crypto wallet and expanded its coin offerings to meet user demands. 

Those initial features led to 9.5 million Robinhood customers trading crypto in the first quarter since its debut. And today, that number’s grown to 22 million

Now, Robinhood’s rolling out a next-level crypto trading experience to expand its success and leverage against the current weakness in stocks. 

By the end of 2022, Robinhood plans to launch a new separate app specifically for crypto trading across the globe. 

In the new app, “customers will hold the keys for their own crypto and get apps to trade and swap crypto without network fees.”

The app will also allow traders to store their own NFTs on Web3. This is a huge step into the DeFi marketplace that will put Robinhood in direct competition with Coinbase Global, Inc. (NASDAQ: COIN).

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But it’s not just about luring traders over from Coinbase. Those 22 million Robinhood users trading crypto could expand from within. They could also bring a fresh new audience to crypto and NFTs, one that’s eager to jump off the grid and into the world of Web3. 

Conclusion

We’ve seen bear markets before. They’re a natural part of economic cycles, and it often takes innovation to get out of them. 

Someone designs something new, fresh, and exciting that makes people forget about the pain of the past, and they jump back in to participate in the next great opportunity. 

When it comes to market cycles, I don’t know anyone who understands them better than Tim Sykes. He’s traded through decades worth of them and he brings all that wisdom to the classroom every single time. He’s passionate about helping traders like you and me find our own success in every market, and you can experience that mentorship firsthand in the Tim Sykes NFT Club.

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