New age trading platform Robinhood is one of the latest Wallstreet IPO’s that is both an interesting and ironic sign of the current financial times. While many old school traders my age rip the younger ‘Robinhooders’, there is no doubt that this next generation of traders is a force to be reckoned with…after all, the rise of the apes (full disclosure: I am a proud member) has already struck down some from their high Park Avenue perches. Robinhood gained some publicity recently when they bit off more they could chew in the last ape short squeeze of GameStop. Wall street talking heads often criticize the Hood due to its ‘gamification of trading’, which is straight-up envy if you ask me. Newsflash Jim Cramer and his fellow cronies; Gaming is larger than Hollywood and Music combined! I don’t use Robinhood (I do have the app) personally but some lads in my morning trading group do and guess what, they’re pretty savvy and make consistent profits.
Now, since this is a crypto site, I better get to my point. Robinhood just released their latest earnings and many analysts thought the results were disappointing. Maybe, but perspective is everything. What I found ironic was that their reports showed that cryptocurrency trading made up 41% of their revenue. This is significant in that given Robinhood’s typical trader profile, it shows that the next generation loves cryptocurrency. That is not new news of course, but anytime we can quantify what we already know, it’s a bullish sign on perspective. Given it was Robinhood’s first public report of revenue, it’s a relatively small dataset and therefore not one to bet the house on. But if there is one thing many people have learned over this past year, it’s Don’t bet against the apes. #ApeStrong