Breaking
March 18, 2025

Robinhood’s Vlad Tenev will be a cancer to the crypto industry. Here’s a refresher from 2021 Jai Hamid | usagoldmines.com

Let’s start off by sharing that the author of this Op-ed is actually somewhat of a fan of Vlad Tenev. I’ve followed his career very attentively and perhaps even obsessively over the past seven years, and I have a lot of respect for all that he’s managed to do on Wall Street.

But as we watch his influence in crypto grow more and more, we can’t help but point this out:- Vlad Tenev does not like decentralization. That is a problem. He made his fortune pushing a “free market” trading app, but when it really mattered, he shut the market down.

Now he is acting like he supports crypto, but history says otherwise. And if allowed, he’ll become a massive cancer to the crypto industry.

Let’s start from the very beginning.

Who is Vlad Tenev?

Vlad Tenev is the co-founder and CEO of Robinhood, the company that turned stock trading into a mobile game. Born in Bulgaria, he moved to the U.S. at the age of five, where both his parents worked for the World Bank. He attended Thomas Jefferson High School for Science and Technology in Virginia, later earning a mathematics degree from Stanford University.

At Stanford, he met Baiju Bhatt, his future business partner. The two started their first company, Celeris, in 2010, a high-frequency trading software firm. By 2011, they pivoted to Chronos Research, which sold low-latency trading software to banks and hedge funds. Then, in 2013, they launched Robinhood, a commission-free trading app designed to attract retail investors.

Robinhood went public in July 2021 at a $32 billion valuation, making Vlad and Baiju billionaires. But before that, in November 2020, Vlad took over as sole CEO, dropping the co-CEO arrangement with Baiju.

Baiju Bhatt and Vlad Tenev, the founders of Robinhood
Baiju Bhatt and Vlad Tenev, the founders of Robinhood. Credits: New York Times

In December 2023, Vlad spoke with Axios about his career. When asked if he would still start Robinhood knowing he would be vilified, he said, “Oh, absolutely.” He claimed he always knew Robinhood would disrupt the financial industry and expected pushback.

When discussing co-founding a company with friends, Vlad said, “Building a company with someone who you trust deeply is actually critical.” He dismissed the idea of work-life balance, calling it “a strange way to live” and compared it to the concept in the show Severance. Instead, he argued that work should feel like “a different type of play.”

Vlad also warned against working with people you haven’t known for years, saying, “You don’t know what that person is going to be like under various circumstances when things get tough.”

Vlad shut down GameStop retail trades to protect Wall Street

In 2021, retail traders fought back against Wall Street. They targeted hedge funds that were betting against GameStop (GME) and other stocks. The result? Billions in losses for big firms. But just when retail traders had all the momentum, Robinhood blocked their trades. People were outraged. Congress got involved. Vlad was questioned. A lawsuit was dismissed, but the damage was done. And now, he wants in on crypto.

The GameStop short squeeze exposed how far Robinhood would go to protect powerful investors. At first, everything looked like a win for retail traders. Keith Gill (Roaring Kitty) started the movement, and millions joined. Hedge funds were losing money fast. But on January 28, 2021, Robinhood blocked buy orders for GameStop and other heavily shorted stocks. Users could only sell.

Vlad blamed clearinghouse deposit requirements. The real issue? Robinhood’s biggest clients were Wall Street firms that paid for order flow data. If hedge funds went under, Robinhood lost money.

“Every time we would talk about what Robinhood aspired to build, people would say ‘Oh, the big brokerage houses and the big financial firms are not going to like this. They’re going to do everything in their power to stop you,’ and of course, we’ve seen that,” Vlad said in December 2023.

That was his excuse. But Congress did not buy it. When Vlad testified on February 18, 2021, lawmakers from both parties tore into him. He struggled to answer questions. He denied that Robinhood colluded with hedge funds. But at the same time, federal investigators got a search warrant for his phone.

Later, in July 2021, Robinhood’s IPO filing confirmed it: The U.S. Attorney’s Office was investigating Robinhood’s role in the GameStop crisis. But if Vlad had disappointed the Wall Street gods, who would’ve backed Robinhood in the IPO? He needed those guys more than he needed retailers that year.

Vlad is now trying to control crypto markets

After the GameStop scandal, Vlad shifted his focus. Robinhood jumped into crypto trading. By February 2024, it reported $14.4 billion in crypto trades. That was a 29% drop from the previous month, but still double the previous year.

Now, Vlad is aligning himself with Trump’s policies. He recently praised the administration’s approach to crypto and AI regulation. He claims the U.S. will lead these industries under clearer rules.

“They’ve got smart people thinking through these problems,” he said.

Vladimir Tenev
Vladimir Tenev. Source: Fortune Magazine

Vlad is also expanding Robinhood’s betting markets. His company now offers prediction markets, where users can bet on things like elections, similar to Polymarket. But he insists it is not gambling.

“What that allows is better price discovery,” he said.

At the end of February 2024, Robinhood held $187 billion in assets. That was an 8% drop from January but a 58% increase from the previous year. Net deposits hit $4.8 billion, with an annualized growth rate of 28%.

Robinhood is positioning itself as a major player in crypto trading and prediction markets. But the same man who froze GameStop trades now wants to control crypto markets. The question is: Will he do the same thing again?

 

This articles is written by : Nermeen Nabil Khear Abdelmalak

All rights reserved to : USAGOLDMIES . www.usagoldmines.com

You can Enjoy surfing our website categories and read more content in many fields you may like .

Why USAGoldMines ?

USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.

Recent:

Crypto News | Is Dogecoin Poised for a Breakout? These Indicators Say Yes (Santiment) Mandy William...

Crypto News | Crypto.com influence stirs controversy in Cronos token burn reversal Oluwapelumi Adeju...

Bitcoin Crash Ahead? Peter Schiff Predicts BTC at $20K as Gold Surges Vignesh S G | usagoldmines.com

80 Companies Embrace Bitcoin Holdings Victor | usagoldmines.com

Bitcoin Leads the Charge Amid Post-Election Market Dip Victor | usagoldmines.com

Ethena Labs and Securitize to launch Converge blockchain for retail and institutional DeFi and token...

Ripple mints 25 million RLUSD tokens Florence Muchai | usagoldmines.com

New York Court to Review LIBRA Token Case Following 94% Price Crash Maisie Morrison | usagoldmines.c...

Japan’s Metaplanet Buys $12.5M in Bitcoin, Adding Another 150 BTC to Holdings Ruholamin Haqshanas | ...

Cronos Approves Controversial $5.6B CRO Reissuance Proposal with Crypto.com’s Influence Ruholamin Ha...

China’s Xi Jinping to visit Washington amid trade tensions with Trump Jai Hamid | usagoldmines.com

Lightchian AI & Cardano (ADA) See Surge In Whale Activity, Which Crypto Will Pump First? Cryptop...

Bitcoin Bull Run ‘Is Over’: CryptoQuant CEO Sounds The Alarm Jake Simmons | usagoldmines.com

Crypto News | These Altcoins Suffer the Most as Bitcoin (BTC) Slides to $83K (Market Watch) Jordan ...

Crypto News | Solana Foundation sparks backlash with controversial ad comparing pronouns to DeFi Olu...

Can Pepe Coin Surge 60%? Top Analysts Predict Massive Breakout! Mustafa Mulla | usagoldmines.com

Pi Coin Price Drops 17% After $175M Token Unlock – What’s Next? Zameer Attar | usagoldmines.com

Mubarak Meme Coin Hits $200M Market Cap – Is It the Next Big Crypto? Vignesh S G | usagoldmines.com

Ripple Lawsuit Update: Will XRP Recover After Legal Uncertainty? Debashree Patra | usagoldmines.com

Metaplanet Acquires 150 BTC, Joins Top 10 BTC Holders Victor | usagoldmines.com

Bitcoin’s bull market just might be over as US stocks seemingly revive Jai Hamid | usagoldmines.com

Fasttoken (FTN) leads this week’s $486m unlocks – what’s next for prices? Vignesh Karunanidhi | usag...

Mutuum Finance: Ethereum-Based Token Ready To Revolutionize DeFi With 15,000% Rally In 5 Weeks Crypt...

Crypto News | New Meme Coin MUBARAK Explodes as PEPE and MEMEX Gain Momentum Felix Mollen | usagold...

Crypto News | Ripple (XRP) Price Predictions for This Week Duo Nine | usagoldmines.com

Crypto News | Cardano (ADA) Price Predictions for This Week Duo Nine | usagoldmines.com

Crypto News | Binance Updates, Cardano Whale Sell-Off, and More: Bits Recap for March 18 Dimitar Dz...

Crypto News | Bitcoin bull market could be over until 2026 based on PnL index – CryptoQuant CEO Liam...

How Bitcoin Fixes Musk’s ‘Magic Money Computer’? Victor | usagoldmines.com

Binance’s Four.meme launch platform attacked to drain liquidity from newly launched tokens Hristina ...

Solana Removes ‘Offensive,’ ‘Cringe’ Ad Following Intense Community Backlash Sujha Sundararajan | us...

Microsoft Warns of New Trojan Targeting Crypto in 20 Chrome Wallet Extensions Ruholamin Haqshanas | ...

BNB Ready To Breakout? New ATH Coming ‘In No Time’ If This Resistance Breaks Rubmar Garcia | usagold...

Crypto News | Aptos Movemaker Launches US$2 Million Grant Program and Exclusive Co-Working Space fo...

Crypto News | Why Is the Pi Network (PI) Price Down Today? Dimitar Dzhondzhorov | usagoldmines.com

Crypto News | TokenPicks Launches Reward System to Incentivize Crypto Education Chainwire | usagold...

Top Altcoins to Watch in 2025: Expert Picks & Bitcoin’s Next Move Elena R | usagoldmines.com

Burwick Law Sues LIBRA Memecoin Creators Over Deceptive Token Launch Nidhi Kolhapur | usagoldmines.c...

Trump’s SEC Pick Paul Atkins Faces Shocking Delay – Missing Paperwork Stalls Confirmation! Mustafa M...

Dogecoin (DOGE) Journey to the Top Is Over, Could Mutuum Finance (MUTM) Be the Next 50x Opportunity?...

Bitcoin Miner Selling Still Elevated, On-Chain Data Shows Keshav Verma | usagoldmines.com

Crypto News | Bitcoin ETFs See a Glimmer of Hope as Inflows Hit a 6-Week High Jordan Lyanchev | usa...

Crypto News | Bitcoin (BTC) Bull Cycle May Be Over: CryptoQuant CEO Warns Chayanika Deka | usagoldm...

Vitalik Buterin Sells Meme Tokens For 71.69 ETH, Mints 315K DAI Nidhi Kolhapur | usagoldmines.com

Crypto News: $32.6 Million Bitcoin Pyramid Scheme Dismantled by Spanish Authorities Anjali Belgaumk...

Bitcoin advocate who took on Elizabeth Warren says ‘now is the most bullish time’ for crypto’ Nelliu...

Crypto Trading Firm Cumberland Subsidiary Receives Singapore MAS’ nod for MPI License Sujha Sundarar...

Canary Capital Group Seeks Approval for Sui-Based ETF Shalini Nagarajan | usagoldmines.com

Bitcoin Spot ETFs See $275M Inflow as Ethereum ETFs Extend 9-Day Outflow Streak Ruholamin Haqshanas ...

Tether Boosts Stake in Bitdeer to 21.4%, Now Holds 32M Shares Nidhi Kolhapur | usagoldmines.com

ADA Founder Says SEC Would Have ‘Danced on Bankrupt Graves’ of Crypto Projects if They Won Anjali B...

Hashdex ETF Expansion Could Shake Up the Crypto Market – Here’s Why Debashree Patra | usagoldmines.c...

WazirX News: Exchange Gears Up for Relaunch After $234.9M Hack Vignesh S G | usagoldmines.com

Burwick Law firm takes legal action against Kelsier, KIP, and Meteora over alleged unfair LIBRA toke...

WhiteRock deep dive: On-chain brokerage with tokenized equities and bonds Brian Koome | usagoldmines...

Historical Pattern From 2020 Hints Ethereum Could Be Poised For A Parabolic Rally, Analysts Explain ...

Crypto News | ETF Bloodbath: What Happened to Bitcoin and Ethereum Funds Last Week Mandy Williams |...

Top ‘Whale Approved’ Altcoins to Stack Ahead of the March 19 FOMC Meeting Anjali Belgaumkar | usago...

Trump’s World Liberty Financial Raises $550M, Trump and Partners To Receive $390M Nidhi Kolhapur | u...

Crypto Exchange Gemini Appoints New CFO as it Prepares for Potential IPO Shalini Nagarajan | usagold...

Bitcoin Bull Cycle is Over, Expect 6-12 Months of Bearish Trend: CryptoQuant CEO Shalini Nagarajan |...

Lightchain AI Thrives with Innovation and Strong Support Amid Challenging Market Conditions Cryptopo...

Solana Marks 5-Year Journey – 400 Billion Transactions And Counting Christian Encila | usagoldmines....

Bitcoin Bull Market Over, CryptoQuant CEO Predicts Bearish Trend for Next 6–12 Months Anjali Belgau...

SEC To Reconsider Biden’s Crypto Custody Rule, Acting SEC Chair Uyeda Says Nidhi Kolhapur | usagoldm...

Michael Saylor’s Strategy outperforms Bitcoin. Is a reversal coming? Jai Hamid | usagoldmines.com

Shiba Inu and Dogecoin Whales Flock to Remittix (RTX) at $0.07, Forecasting a 15,540% Surge in Weeks...

Solana Gears Up for a Major Breakout—How BONK and XYZ Could Benefit! Cryptopolitan Media | usagoldmi...

XRP Price Prediction For March 18 Anjali Belgaumkar | usagoldmines.com

Bitcoin Whales Exit $945M in ETFs – Can BTC Break Above $85K? Arslan Butt | usagoldmines.com

Russian Central Bank to Test Digital Ruble Smart Contract Functions in Tatarstan Tim Alper | usagold...

Top Asian Investors Shift From Tron (TRX) and Shiba Inu (SHIB) to Acquire This Underrated 70x Altcoi...

Analyst Predicts Dogecoin And Altcoins’ Next Surge – Here’s The Timeline Jake Simmons | usagoldmines...

Ripple’s New Trademark Filing Sparks Speculation on Upcoming Crypto Wallet Anjali Belgaumkar | usag...

XRP To Triple Digits? Analyst Confident In $100 Price Goal Christian Encila | usagoldmines.com

Crypto News | Caution from US investors leaves Coinbase Premium negative Andjela Radmilac | usagoldm...

Solana futures debut on CME as mainstream adoption grows Nellius Irene | usagoldmines.com

Elon Musk appears in an interview with US senator Ted Cruz and Ben Ferguson Shummas Humayun | usagol...

Hedera (HBAR), Shiba Inu (SHIB) Or Mutuum Finance (MUTM): Which Of These Will Make You Rich In 2025?...

Crypto News | Ethereum Foundation reportedly adapting based on community feedback Gino Matos | usago...

Crypto News | Hashdex amends S-1 filing for crypto index ETF to add 7 altcoins – including SOL and X...

Hashdex Seeks SEC Approval to Add Litecoin to Crypto Index ETF Hassan Shittu | usagoldmines.com

Spanish Police ‘Dismantle $32.6M Bitcoin-themed Crypto Pyramid Scam’ Tim Alper | usagoldmines.com

Bitcoin Price Set For Reversal To $130,000 After Forming Major Cup And Handle Support Scott Matherso...

Robinhood Launches Prediction Markets Hub For US Retail Investors Tanzeel Akhtar | usagoldmines.com

TRUMP Coin Set for Collapse to $6 – Buy the Dip? Joel Frank | usagoldmines.com

North Korea Surpasses El Salvador in Bitcoin Holdings, Fueled by Bybit Hack Veronika Rinecker | usag...

Bitcoin Resets With 14% Deleveraging—Here’s What Past Events Led To Keshav Verma | usagoldmines.com

Bitcoin needs ‘deeper-pocketed investors’ to absorb the recent sell pressure from short-term holders...

Crypto News | No Strategic Bitcoin Reserve in South Korea: Report Mandy Williams | usagoldmines.com

Canary Capital adds SUI ETF to its pile of SEC altcoin applications Derek H Andersen | usagoldmines....

Helium Network releases strong Q4 2024 report, returns spotlight to DePIN Hannah Collymore | usagold...

Ripple’s new trademark filing sparks speculation on crypto custody expansion Cryptopolitan News | us...

Former London Fund Manager Details Why Ripple’s XRP Is Not Skyrocketing Despite Adoption From Banks ...

Michael Saylor’s Strategy Makes Smallest-Ever Bitcoin Buy, Adding $10.7 Million Worth Brenda Ngari |...

Missed Ethereum (ETH) & Ripple (XRP)? Mutuum Finance (MUTM) Presale Tempts Investors As Massive ...

Crypto News | StanChart revises Ethereum’s 2025 projection to $4000, warns of ‘value destruction’ ca...

Bitcoin Bulls Poised For Action As Market Flashes Bullish Divergence—Details Christian Encila | usag...

Crypto News | Record DeFi Accumulation on Binance: Whales Amass $32.9M Profit in 21 Days Wayne Jone...

Crypto News | Ripple files trademark for ‘Ripple Custody’ in digital asset expansion drive Oluwapelu...

Leave a Reply