Robinhood’s decision to stop buying GameStop (GME) shares, as well as AMC (AMC) and Blackberry (BBE) shares has angered the cryptocurrency community.
Crypto and DeFi will benefit from noise around GME
Although traders can still sell their shares, many are against the platform’s decision to exclude GME, AMC and BBE. Robinhood, along with other trading platforms such as Ameritrade, backed out of buying GME after GameStop rocked the world of trading, soaring to unimaginable heights when the Redditors group upped its cost by arguing in the r/WallStreetBets subreddit. Jeremy Gardner, founder of Blockchain Education Network, said:
“It’s absolutely exciting that a decade of crypto-evangelisation is perhaps comparable (in terms of impact) to two weeks of trading degenerate Robinhood stock memes to awaken people to injustice in our financial system.”
The crypto-enthusiast replied that he would like people to realize the shortcomings of the current financial system, not GameStop. He responded to Gardner’s branch by saying:
“I just hope that feeling continues and doesn’t go away just like that. I always thought people would be woken up by cryptocurrency, but instead, damn, GameStop does it”.
Many protested against Robinhood’s appeal, saying it was a problem of centralized financial systems. Dave Portnoy, the infamous founder of Barstool Sports, who previously dived into Bitcoin and cryptocurrency, drawing on the advice of Gemini’s co-founders, said:
“I’ll burn RobinhoodApp to the ground if they close free market trading.”
Although Robinhood’s call to close GME, AMC and BBE shares has caused a frenzy in the community, many said it would be good for cryptocurrencies and decentralised financing (DeFi). Eric Conner, co-founder of ethhub, said:
“We get the best DeFi ads for free.”