The co-CEO of Robinhood, the popular on-line broker and crypto trading app, has made some very positive predictions for the crypto space - remarking yesterday that he sees sovereign nations adopting cryptocurrencies as their default currencies.
Talking to Yahoo Finance, Baiju Bhatt, the co-CEO of the California-based company, offered several insights into the future of the market, and how he sees the industry maturing.
Asked how he sees the space shaping out in the medium to long-term, the 32 year-old entrepeneur was enthusiastic, although he acknowledged that time-scales in the industry are hard to predict:
“I think sovereign nations are going to have cryptocurrencies as their default currencies at some point. I think this is largely inevitable, whether that happens next year or in 15 years I don’t know but I’m almost 100% convinced that’s going to happen.”
More broadly, with respect to the huge proliferation of cryptocurrenices and ICOs, Bhatt was cautiously optimistic about the way he sees the market maturing. Comparing the frantic market to the early stages of the internet, he answered:
“Theres a lot of them out there. It’s gonna be clumsy for a couple of years, there’s a lot things that look like they are going to matter and then they’re not going to matter. I mean that’s what the internet looked like, so I think don’t believe the hype, pay attention to the details..and there’s a lot of good stuff that’s going to come from this.
Launched in 2013, the company was founded by Bhatt and his fellow Stanford graduate Vlad Tenev. With the goal of offering basic, commission-free online brokerage services in a mobile app, the company has rapidly gained popularity - successfully expanding into the crpyto market in February.
While Bhatt was unsure about the pace of crypto adoption for nation states, the process has in a small way already been set in motion.
Last month, the Marshall Islands made history by becoming the first nation to officially adopt cryptocurrency as their own sovereign national currency.
While an adoption from a tiny pacific archipelago will not overly concern traditional institutions, it is nonetheless a significant milestone in the future that Bhatt and others within the industry envision for the space.