Cryptocurrencies prosper when the status quo shows its true colours, and today could be a big day for Bitcoin.
Yesterday, a scandal commenced that has no end in sight. Robinhood, one America’s largest trading stockbrokers, suspended purchases on 13 stocks that had experienced a gamma squeeze at the hands of WallStreetBets and other furious Redditors.
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The community reaction was one of sheer outrage. The unprecedented move was viewed by many as Robinhood leaping into bed with the hedge funds; that’s if you don’t think they were tucked in already.
The latest installment in the scandal came when numerous investors reported that Robinhood had liquidated their positions in GameStop (GME) without permission. This is as obvious an illegal move as you can get, but CEO Vladimir Tenev doubled down on Robinhood’s position, stating in an interview with CNBC “It’s been a challenging day.” Well, boohoo Mr. Tenev! What about the countless retail investors you have carelessly shafted?
However, if Tenev and his cronies expected the retail investment community to go down quietly, last nights protests outside Wall Street should have demonstrated his foolishness.
Bitcoin rallies in tumultuous times
Historically, any time there is an issue with our current global financial system, decentralisation gains momentum. We saw it earlier this year, when investors turned Bitcoin into a new safe haven in the early days of the COVID-19 pandemic.
If ever there was an event to serve as a catalyst for change, yesterday was it. Robinhood exposed what many have known for a long time and did so openly: the stock market is stacked against retail investors.
Investors have started flocking to Bitcoin en masse. BTC/USD has shot up by almost 17 points so far today, and this could be just the beginning. The widespread disillusionment of investors could result in Bitcoin’s finest hour so far.
For as long as we can remember, retail investors have had to march to the institutional drum beat. However, as stated by several members of the community, investors now have the option to opt-out of the entire system.
Cryptocurrency options for today’s drama – tokenised stocks
Several cryptocurrency trading services, such as FTX Exchange, Bittrex Exchange and Blockfolio, are now allowing investors to gain exposure to the stock market via tokenised stocks with no fees.
Investors will not have to worry about stocks being delisted because rich shorters have lost too much money. In addition, they can enjoy the encryption and wider security features of cryptocurrencies; one thing is for sure, nobody will be selling their stock without permission!
This is an innovative new way of looking at things and levels the playing field. Retail investors can no longer have their exposure to the stock market limited when they are finally on the front foot.
Should I buy Bitcoin today?
There was already plenty of bullish sentiment for BTC, but the hero of retail investors, Elon Musk, turned that momentum into overdrive.
BTC soared by $5,000 in minutes, and this trend could continue today. If you are looking to gain exposure the increasing price, you may want to consider buying some BTC. In addition, if you are looking to get involved with some of the WallStreetBets stocks today, investing in cryptocurrency could be the way to go.
