Are prediction markets gambling? Robinhood CEO Vlad Tenev is betting not
1 min read
Summary
Robinhood CEO Vlad Tenev discusses the company’s future vision, differentiating prediction markets from gambling, and the role of crypto as a store of value, in an interview with Joe Weisenthal from the New York Times.
Tenev talks about Robinhood’s focus on expanding its services while maintaining an easy-to-use platform for retail investors, despite its numerous controversies regarding gamification, risky trading options, and the recent trading crash during the 2021 tsunami.
Tenev also touches on the distinction between a prediction market and gambling, and explains how Robinhood is regulated by the Commodity Futures Trading Commission (CFTC) while avoiding the “gambling” label.
The interview also explores the topic of extending the company’s services to banking, allowing users to have cash deposited into their accounts with Robinhood.
Tenev explains that Robinhood’s vision is to manage every dollar, but that not every dollar should be invested in derivatives and other high-risk options.
Finally, the interview also touches on the future of Bitcoin and other cryptocurrencies, and how Robinhood might adopt them as assets on its balance sheet. A edited version of the interview was published in the New York Times.