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JPMorgan Admits Bitcoin Bull Run Isn’t Finished – Renews $140,000+ Price Forecast

JPMorgan Admits It Was Wrong About End Of Bitcoin Bull Run, Renews $140,000-Plus Price Forecast

Tyler Durden

Sun, 11/22/2020 – 10:30

At the time of this writing, the cryptocurrency known as Bitcoin has seen its value skyrocket to…



This article was originally published by ZeroHedge.

JPMorgan Admits It Was Wrong About End Of Bitcoin Bull Run, Renews $140,000-Plus Price Forecast Tyler Durden Sun, 11/22/2020 - 10:30

At the time of this writing, the cryptocurrency known as Bitcoin has seen its value skyrocket to around $19,000  after dropping down to around just $4,840 in mid-March. This is significant because the all-time high for the cryptocurrency is $19,783 back in December of 2017, only to drop down to as low as $3,122.

Within the past year, the price of Bitcoin has more than doubled, posting close to $10,000 in growth in the last two months alone.

As Ethan Yang writes at The American Institute for Economic Research, with most of the news attention on Covid-19, the presidential election, and so on, it is understandable that the meteoric rise of Bitcoin may have slipped past casual observers as it did not receive the attention it received in 2017.

However, what makes this rapid growth interesting is that there are a number of important circumstances that might be paving the way for Bitcoin to sustain its ongoing trend.

Quantitative Easing Worldwide 

It is undeniable that the monetary limits of fiat currency are being tested around the world as governments print trillions of dollars for stimulus packages in reaction to Covid-19. The World Resources Institute writes 

“In response to the massive economic contraction stemming from the coronavirus (COVID-19) pandemic, some central banks — including those of the United StatesEuropean UnionJapan and other major economies — are engaging in “quantitative easing” (QE) programs on an unprecedented scale.” 

The United States alone has printed trillions of dollars and has far outspent what it has brought in with tax dollars, creating an unprecedented level of debt.

Forbes writes 

“For the first time U.S. debt is now about equal to GDP (Gross Domestic Product), like the sound barrier we once thought if we hit it we might explode.”

This level of spending and money creation has likely driven many investors to Bitcoin, as it may serve as a safe haven as the value of fiat currencies like the US dollar comes into question. Furthermore, it is uncertain how the stock market, which has been the main beneficiary of quantitative easing, will react when such policies eventually subside. 

Since the 2008 recession, money injections from the Federal Reserve have continued at a constant rate and the value of the S&P 500 has moved in step with spending. This creates a disconnect between financial markets and the actual productiveness of the economy. Bitcoin may serve as an alternative investment vehicle for those who are wary of an unsustainable securities market.

An article in MarketWatch explains that 

“Worries that governments are printing heaps of money to paper over problems created partly by the 2008 financial crisis was at least part of the reason that bitcoins were created over a decade ago. That thinking is also the basis for this resurgence in bitcoin, crypto experts said, as the COVID-19 pandemic forces governments and central banks to spend to limit the economic hit.”

Such caution is not unfounded as the Federal Reserve’s balance sheet has ballooned to unprecedented levels in the past few months, going from $4.31 trillion to $7.18 trillion.

The monetary policies post-2008 kicked off interest in cryptocurrencies and it would not be irrational to assume that the current policies would be encouraging an accelerated timeline for the adoption of Bitcoin.

Mainstream Adoption of Cryptocurrencies 

Perhaps the most significant development that may be supporting a potential sustainable growth trend for Bitcoin is the ongoing adoption of cryptocurrencies.

Market Insider reports that major companies like PayPal are making moves to incorporate cryptocurrencies into their services when they write 

“PayPal recently said that users on its platform will be able to purchase bitcoin, as well as other sister cryptos like ethereum, Bitcoin Cash and Litecoin. PayPal’s decision last month was a further recognition of the legitimacy of digital currencies, crypto enthusiasts say.”

“Today bitcoin has gotten to a place where institutional investors, banks, and family offices are legitimately pondering involvement as a defense against currency devaluation,” wrote Alex Mashinsky, CEO of Celsius Network, in emailed commentary.

“This isn’t a gold rush anymore, it’s a good investment,” he said. He predicts that bitcoin will hit $30,000 by the end of next year.”

Perhaps one of the main dangers of cryptocurrencies is the fact that at the moment they are difficult to use and are rarely accepted anywhere. A lack of mainstream adoption may have explained the rapid fall of Bitcoin in 2017 as market hype diminished and investors understood that there was not much real value at the time. With the ongoing adoption of Bitcoin by major firms like PayPal, the growing value of Bitcoin may actually be justified. 

PayPal isn’t the only company to move towards cryptocurrency. CNBC reports 

“Payment company Square is buying a large block of bitcoin, an unusual use of corporate cash.

Square said Thursday it bought 4,709 bitcoins, worth approximately $50 million. This represents about 1% of Square’s total assets as of the end of the second quarter of 2020.

“Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose,” the company said in a release.”

Not only does Square’s investment in Bitcoin demonstrate ongoing adoption by relevant financial tech firms, it also highlights one of the key benefits of Bitcoin. This is that it provides a universal and discreet form of value that individuals all around the world can access. Bitcoin is not only easy to transfer, but it is largely immune to manipulation, which makes it ideal for those who live in countries with less reliable monetary regimes.

Even large established banks like JP Morgan are starting to experiment with cryptocurrencies as Yahoo Finance reports 

“Indeed, at the DealBook Summit on Nov. 18, (Jamie) Dimon said, “The blockchain itself will be critical to letting people move money around the world cheaper. We will always support blockchain technology.”

In May, JPMorgan went a step further when it began allowing customer transfers to and from Coinbase and Gemini, two U.S.-based regulated crypto exchange sites. And Dimon on Wednesday acknowledged that some “very smart people” are investing in bitcoin these days.”

This stands in contrast to his comments in 2017 where CNBC reports

“In September 2017, about three months before bitcoin hit an all-time high of nearly $20,000 per unit and crashed shortly thereafter, Dimon dropped a bomb on the crypto world. He called bitcoin a “fraud.””

Cryptocurrency and blockchain technologies seem to be demonstrating undeniable advantages that cannot be ignored for long. These technologies will likely continue to grow in use, which gives further support to the ongoing growth of Bitcoin. Market Insider reports that one person, in particular, billionaire Mike Novogratz, believes that Bitcoin could be heading as high as $65,000.

With unprecedented levels of quantitative easing and debt, combined with gradual mainstream adoption, it should not be controversial to say that Bitcoin might have some substance to back its meteoric revival. It is highly likely that in 2017 the world needed a couple more years to get acclimated to the idea of cryptocurrencies. It seems that for the most part they are here to stay and they will likely see further use.

But, as Ethan Yang notes, there is some room for caution. With all of the above said, it does not mean that Bitcoin and cryptocurrencies, in general, are guaranteed or even likely to continue on their current growth path. Much like 2017, it is highly likely that market hype is a contributing factor to the growth of Bitcoin and it remains to be seen how far investors are willing to take this bull run. It is uncertain how much, if at all, the price of Bitcoin may drop or where its next peak will be. It could be at $20,000 or it could be at $65,000, or it could just keep going.

Market Insider cites billionaire investor Ray Dalio when he notes that cryptocurrencies are still far from attaining widespread adoption and that governments may pass regulations that cripple the value of Bitcoin and other cryptocurrencies.

As with all investments, there are risks involved, especially when there is the potential for great reward as in the rapid rise of Bitcoin. Regardless of what happens, the swift growth of Bitcoin signals a number of important financial milestones as well as warning signs. Signals that not only lend some support to the cryptocurrency’s value but also provide important insight into our current state of financial affairs.

But, despite the naysyers, JPMorgan admits that Bitcoin continued to rally strongly over the past two weeks, nearing the $19k mark, challenging their previous assessment that bitcoin’s overbought positions by momentum traders such as CTAs could potential trigger profit taking or mean reversion flows over the near term. This is shown in the chart below by the open interest of CME bitcoin futures contract, a likely vehicle used by momentum traders such as CTAs, which continued to rise steeply over the past two weeks pointing to position build up rather than position unwinding

The failure to see mean reversion flows kicking in in recent weeks might reflect the smaller role of momentum traders such as CTAs in bitcoin trading vs. their role in more traditional asset classes, such as gold and other commodities. Indeed, the exponential ascent of the Grayscale Bitcoin Trust in recent weeks suggests that other institutional investors who look at bitcoin as a long-term investment have been playing perhaps a bigger role in recent weeks than quantitative funds, such as CTAs.

As we explained previously, the ascent of Grayscale Bitcoin Trust suggests that bitcoin demand is not only driven by the younger cohorts of retail investors, i.e. millennials, but also institutional investors such as family offices and asset managers. These institutional investors appear to be the biggest investors in the Grayscale Bitcoin Trust, perhaps reflecting their preference to invest in bitcoin in fund format. What makes the past five weeks flow trajectory for the Grayscale Bitcoin Trust even more impressive is its contrast with the equivalent flow trajectory for gold ETFs, which overall saw modest outflows since mid-October, as shown in the chart below.

This contrast lends support to the idea that some investors that previously invested in gold ETFs, such as family offices, may be looking at bitcoin as an alternative to gold. As JPMorgan previously highlighted, the potential longterm upside for bitcoin is considerable if it competes more intensely with gold as an “alternative” currencygiven that the market cap of bitcoin (at $340bn) would have to rise 8 times from here to match the total private sector investment in gold via ETFs or bars and coins which stands at $2.6tr.

As JPM recently concluded:

"the potential long-term upside for bitcoin is considerable we think as it competes more intensely with gold as an "alternative" currency given that Millennials would become over time a more important component of investors’ universe."

Something we have seen play out dramatically in recent weeks as gold and bitcoin have regime-shifted...

And the punchline:

"Mechanically, the market cap of bitcoin would have to rise 10 times from here to match the total private sector investment to gold via ETFs or bars and coins."

As @BullyEsq recently noted, it is different this time...

2017 was marked by unsustainable retail FOMO driven by scammy ICOs.

2020 is being driven by institutions.

We have better technology, stronger communities, and a much more favorable regulatory landscape.

Plenty of challenges remain, but I am more bullish on crypto than ever.

And, Bitcoin's stock-to-flow model, a product of Twitter crypto analyst PlanB, comparing Bitcoin's supply with its value - taking halvings into consideration - signals considerable upside to come...


If you are not familiar with the Stock-to-Flow model, we highly recommend reading the original article explaining the background and terminology. The analyst recently published an updated stock-to-flow chart for Bitcoin, including gold and silver in the mix.

And the bullish case for Bitcoin got a sudden, unexpected boost earlier this year, when legendary trader and famed macro hedge fund billionaire Paul Tudor Jones said he's buying Bitcoin as a hedge against the inflation he sees emerging from the Fed's money-printing, even telling clients that bitcoin reminds him of "the role gold played in the 1970s".

And for those who might be unfamiliar with PTJ's reference to "gold in the 1970s", the FT recently published this column exploring how the central banks' untrammeled money printing could spark an inflationary tidal wave and the return of '70s-style "stagflation".

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Best Penny Stocks to Watch As July Ends? 3 For Your List

Why Investors Are Watching These 3 Penny Stocks As July Comes to an End
The post Best Penny Stocks to Watch As July Ends? 3 For Your List appeared first on Penny Stocks to Buy, Picks, News and Information |



3 Penny Stocks For Your End of July Watchlist 

With July coming to an end, many penny stocks investors are ready to hit the reset button. While a new month is nothing more than symbolic for the stock market, this could be enough to put us on a bullish trajectory. Right now, there are a sizable number of factors impacting both penny stocks and blue chips that investors should pay attention to.

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The most prominent of course, being the pandemic and the recent effects of the Delta variant. While cases in the U.K. are dropping only a few days after spiking, the U.S. seems to be a couple of weeks behind. This means that while we may be in for a rough few weeks ahead, the trajectory could unexpectedly begin to drop. With all of this in mind, let’s take a look at three penny stocks to watch as July ends. 

3 Penny Stocks to Watch as July Comes to an End

  1. Sintx Technologies Inc. (NASDAQ: SINT
  2. Iterum Therapeutics plc. (NASDAQ: ITRM
  3. Farmmi Inc. (NASDAQ: FAMI)

Sintx Technologies Inc. (NASDAQ: SINT)

Sintx Technologies Inc. is a biotech penny stock that is performing well in the market. Since July 14th, shares of SINT stock have climbed by over 10%. For some context, the company creates silicon nitride ceramics for medical and industrial use. Sintx is involved in the R&D, manufacturing, and commercialization of these products, which makes it a fully vertical operation.

Currently, Sintx has a collaboration with Oxford Performance Materials Inc. for the development of more uses for its proprietary offerings. On July 27th, the company announced that it has shipped its first order of FleX SN-PEEK composite. This composite can be used for spine surgery, joint replacements, and other medical procedures.

“The shipping of our new FleX SN-PEEK product is a huge milestone for SINTX, and we couldn’t be more excited. We’re continuing to leverage the osteogenic and antipathogenic properties of silicon nitride for biomedical applications and believe this is a superior product that has many benefits.”

The President and CEO of Sintx, Dr. Sonny Bal

This is a big deal for the company as it not only will provide funding, but it also illustrates the utility of its products from a broad standpoint. When this was announced, SINT stock experienced a large spike in price, indicating how speculative it is as a penny stock. While its stock price has settled down since then, SINT is back on the rise on July 29th. The company’s stock price increased by around 1% in the market on this day. Keeping this in mind, will SINT stock be on your penny stocks watchlist?

Iterum Therapeutics plc (NASDAQ: ITRM)

Iterum Therapeutics plc is a biotech company that we have mentioned frequently over the past few months. This is due to the constant momentum that Iterum Therapeutics sees and the wide breadth of updates it gives to investors. On July 29th, ITRM stock shot up by more than 16%, which is no small feat. And in the past two days, shares of ITRM have shot up but over 35%. So now you may be wondering, what does Iterum Therapeutics do?

This company creates anti-infectives to treat urinary tract infections, intra-abdominal infections, and more. Currently, its flagship product, sulopenem is in Phase III clinical trials to treat UTIs. On July 26th, Iterum Therapeutics received a letter of rejection from the FDA for its oral Sulopenem product. While this seems bad on the surface, let’s look at the facts. It is common to see a rejection letter like this from the FDA, as pharmaceuticals are always changing. And while it isn’t the end of the line for sulopenem, it is a point at which the company must pivot to get it approved.

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When the announcement was made, shares of ITRM stock fell in value, which is understandable. However, only a few days later as mentioned above, ITRM stock has been increasing substantially. It’s recent momentum is a clear reflection of how highly investors think about Iterum and its potential in the future.

And while this is a setback in the short term, hopefully, the company can move beyond this and progress in trials with sulopenem. It’s worth noting that the company’s volume is also more than double its average at the moment. So keeping all of this in mind, will ITRM make your list of penny stocks to watch?


Farmmi Inc. (NASDAQ: FAMI)

Farmmi Inc. is a penny stock that has been quite volatile over the past few months. While shares of FAMI stock were at over $2 back in February, they have since sunk to under $0.40. And while this decline is disheartening, some investors believe that FAMI stock could be at a low point, and therefore, have some potential longer-term value. To understand why let’s take a look at what Farmmi does.

The company offers food products such as its wide variety of edible fungi. In addition to this, it has an online store known as Farmmi Jicai, which sells products under the Farmmi Liangpin and Forasen brands. Farmmi also exports dried whole and sliced shiitake mushrooms and black fungus. These products are all sold to restaurants, distributors, stores, and more.

At the end of June, Farmmi secured a new export for a Vancouver company. This order was placed for Farmmi’s dried black fungus product. The CEO of the company, Yefang Zhang said, “Our level of customer engagements continues to expand as we add further value with our leading packaging and logistics to ensure product quality, flavor, and minimize costly waste.” Now it will be interesting to see what is next in the cards for Farmmi Inc. 

And, to understand why FAMI stock could have value, we have to consider the current state of both the agriculture market and the food export industry. The recent issues with certain potential U.S. bans on Chinese goods also presents a challenge for Farmmi. And, this is likely the main reason for shares of FAMI stock dropping in the past few weeks. So, with all of this in mind, is FAMI stock worth watching right now?


Which Penny Stocks Are You Watching Right Now?

With so many factors occurring simultaneously, investing in penny stocks right now is a challenge. However, because there is so much going on, there are plenty of speculative advantages that investors can use.

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With July only a day from ending, traders are excited for the symbolic shift that a new month presents. Considering this, which penny stocks are you watching right now?

The post Best Penny Stocks to Watch As July Ends? 3 For Your List appeared first on Penny Stocks to Buy, Picks, News and Information |

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NFT Penny Stocks to Buy? 3 You Need to Know About in 2021

NFT Penny Stocks Are in Focus Right Now, Here’s 3 to Watch
The post NFT Penny Stocks to Buy? 3 You Need to Know About in 2021 appeared first on Penny Stocks to Buy, Picks, News and Information |



3 Top NFT Penny Stocks to Watch Right Now 

NFT stocks and NFT penny stocks, in particular, have seen heightened popularity over the last twelve months. And there are some good reasons for that. For one, the steep interest in Bitcoin and cryptocurrency as a whole over the last year and a half, has resulted in more and more investors looking for related stocks. Additionally, during that time, NFTs have risen to new heights as more companies become involved. 

While the technology has been around for quite some time, companies and investors alike have only found new uses for it in the past year or so. And now, NFTs and corresponding penny stocks have become commonplace. What’s worth noting is that it’s hard to find a pure-play NFT penny stock

Rather, most companies involved in NFTs tend to conduct the majority of their business in either blockchain-related niches or completely outside industries. However, given the vast and arguably untapped potential that NFTs offer, many companies have decided to get involved. 

What Are NFTs?

To break it down simply, NFTs or non-fungible tokens are a way to provide ownership over a digital file. NFT’s utilize the blockchain to securely give the rights of an art piece, file, video, image, or anything similar, to one person. In the past six months, we’ve seen NFTs sell for millions of dollars and it doesn’t look like this is slowing down anytime soon. 

[Read More] Best Penny Stocks to Watch As July Ends? 3 For Your List

Recently, major art auction houses such as Sotheby’s and Christie’s, have held large NFT sales. This is a big move both symbolically and financially, and one that has resulted in NFTs becoming a mainstay in the world of collectibles. So, considering all of this, let’s take a look at three NFT penny stocks you need to know about in 2021. 

3 NFT Penny Stocks to Watch Right Now

  1. Atari SA (OTC: PONGF)
  2. Hall of Fame Resort & Entertainment Co. (NASDAQ: HOFV
  3. ATA Creativity Global (NASDAQ: AACG)

Atari SA (OTC: PONGF) 

In the past year, shares of the famous gaming company Atari, have shot up by around 50%. If you’ve played video games anytime in the past thirty years, you’ve likely heard of Atari. It owns popular titles such as Pong, Asteroids, Missile Command, and more. And because of this, it has remained a leader in the gaming industry for quite some time. However, in the past year, Atari has come back on the scene in a new and modern way. 

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Now, the company works with other major technology businesses such as Sony, Microsoft, and Nintendo, offering licensing and derivative products. However, it has also recently gotten into the NFT market. And late last week, it made an exciting announcement that it had sold 20 exclusive Atari NFTs, raising more than $410,000 in only one week. 

“This successful auction process marks the beginning of the partnership between Atari and ZED RUN, which includes a 3D Atari-themed racetrack launched at the same time as the NFT auctions where Atari events will be held in the future. As a result of the strong interest in this first auction, Atari is exploring further ideas for Atari-themed NFTs inside ZED RUN.”

The CEO of Atari, Wade Rosen

Considering this latest move by Atari, it could be worth giving PONGF stock a first or second look. 

Hall of Fame Resort & Entertainment Co. (NASDAQ: HOFV) 

Today, shares of HOFV stock are showing some bullish momentum as of midday. YTD, HOFV stock is up by a solid 77% or so, despite some less than stellar trading patterns in the past few weeks. For some context Hall of Fame Resort & Entertainment is a company centered around sports and events relating to the Hall of Fame. While it may seem off to have it on a list of NFT stocks, the company has entered into the NFT market in the past few months. While one side of its business is sports-centered, the other side is based on media. This is where the NFT play comes in. 

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Back in April, the company announced a partnership with Dolphin Entertainment Inc. (NASDAQ: DLPN), to create a series of NFTs. These NFTs were centered around the H2H Legends, which are ten athletes who have previously won the Heisman Trophy. At the time, CEO Michael Crawford stated that “As an organization that operates at the intersection of sports and entertainment, it is our responsibility to leverage the access we have to unique content to build one-of-a-kind fan engagement opportunities across all of our business verticals.” 

This was a big deal when it was announced, and while no major updates have come out since, it seems as though it still could be in the works. Considering its role as a diversified NFT and entertainment company, is HOFV stock worth adding to your list?


ATA Creativity Global (NASDAQ: AACG) 

AACG stock is another fast-paced NFT company that has shot up by more than 130% in the past six months. While trading volume can be low for AACG, the company does have some interesting prospects in the works. 

It’s worth noting that ATA Creativity is not by any means a pure-play NFT stock. Rather, it is focused on education and education-related tech. But, there are a few reasons that some investors consider it to be a part of the ancillary industry. Given that NFT’s are closely related to art, when pure-play NFT stocks rise, we often see similar companies do the same. 

“As the recovery from the global pandemic continues to unfold in the coming months, ACG is prepared to provide students with the best possible offerings for their artistic and creative pursuits, whether that means a virtual workshop with a reputable overseas partner institution or a local art-themed tour with a small group of students…we are proactively developing additional programs and ways in which we can serve and nurture students with a passion for the arts.” 

The CEO of AACG, Kevin Ma

So, there is nothing specifically that adds AACG to the NFT market, however it can often see a correlative rise when NFT stocks push up. While correlation does not imply causation, it is something to consider. 

Penny_Stocks_to_Watch_ATA Creativity Global (AACG Stock Chart)

Are NFT Penny Stocks Worth Buying?

While NFT technology is relatively new, there are plenty of opportunities for investors to take advantage of right now. This includes NFT penny stocks and companies that may have limited involvement in the industry.

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And with dozens to choose from, investors have many options for their watchlists. With all of this in mind, do you think that NFT penny stocks are worth buying or not?

The post NFT Penny Stocks to Buy? 3 You Need to Know About in 2021 appeared first on Penny Stocks to Buy, Picks, News and Information |

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Robinhood Humbled on Nasdaq Debut

After the IPO for Robinhood did not go as hoped for or planned, find out the reasons why in this handy and informative overview guide by Admirals.



Thursday saw Robinhood’s long awaited stock market debut on the Nasdaq Stock Market. But it did not go quite according to plan.

At around 12:30 EDT (17:30 BST), shares began trading at $38, the lower end of its $38 - $42 range. By 12:35, the share price had fallen 9%.

The share price did recover after its immediate drop, but by the time the closing bell rang at 16:00, Robinhood shares had fallen more than 8%. Its closing price of $34.82 giving Robinhood a market capitalisation of $29 billion.

Despite its disappointing first day, Robinhood shares were one of the most traded stocks in the US on Thursday, with more than 100 million shares bought and sold. The company itself reportedly sold 52.4 million shares, raising almost $2 billion in the process.

Source: Admirals MetaTrader 5 – Robinhood M1 Chart. Date Depicted: 29 July 2021. Date Captured: 30 July 2021. Past performance is not a reliable indicator of future results.

Robinhood, whose business seeks to “democratise investing” through removing account minimums and brokers' commissions, has surged in popularity since the beginning of the pandemic, with many younger traders signing up to the broker.

Unlike some of the other recent tech IPOs, Robinhood enjoyed a profitable year in 2020, with net income of $7.45 million and a net revenue of $959 million.

However, despite these positive factors, many investors remained wary of the company’s shares amidst concerns of its $31.8 billion valuation and ongoing issues with US regulators.

Last month, the Financial Industry Regulatory Authority fined Robinhood $70m for issuing “false and misleading” communications to their customers. They were also fined $65m by the Securities and Exchange Committee (SEC) in 2020 for misleading customers.

Furthermore, the company’s main source of revenue comes from the controversial practice of payment for order flow, which is essentially selling its customers’ trades to market makers. There are concerns that this practice will be targeted by regulators after SEC Chair Gary Gensler voiced criticisms of it.

Questions also persist as to whether Robinhood can maintain its high levels of growth in a post-pandemic world. Much of its recent success can be attributed to the fact that Covid-19 induced lockdowns has kept many of us at home, looking for new ways to pass the time. Once the world opens back up, will its target audience of young people maintain its interest in the world of investing?

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  • Opening an account with a deposit of just €1
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