Is Robinhood Stock the Best Long-Term Crypto Play?
Robinhood Markets (NASDAQ: HOOD) just released updated crypto trading numbers for May, and they're bad. As in really bad. In May, total crypto trading volume was $2.1 billion, which was down 43% on a month-over-month basis and 68% on a year-over-year basis.
Given all the uncertainty in the crypto markets, that makes sense. The average investor just isn't willing to pull the trigger on a crypto trade right now.
Obviously, as a short-term play, Robinhood doesn't make a lot of sense. But what about as a long-term play? After all, the company is still a go-to investment for the likes of Ark Invest's Cathie Wood, who picked up additional shares in May. Let's take a closer look at why Robinhood could be a very sneaky contrarian investment.
Source Fool.com
