This morning news broke that caught me off guard to say the least. Starting just next month Robinhood will be introducing crypto wallet!?! Are you shocked I for sure was by this news as so far Robinhood had seemed to be okay with keeping the crypto service pretty disconnected from a lot of the market action. 

While people in the crypto world have been pretty upset and outraged by the inability to more their crypto around Robinhood just kept on keeping on. I figured they might be forced to allow wallet transaction with either some regulation or lawsuit however that has not happened. Rather it seems the company made the choice themselves. At the same time Robinhood has rolled out the reoccurring investment option for crypto investments. While I am a fan of dollar cost averaging Robinhoods cold storage wallets prevented users from being able to access or really do much with their crypto. 

Many ideas have been tossed around as to why after Robinhoods leaders first broached the idea of send and receiving crypto nothing had really ever developed. Out of all of the different reasons I read about two in particular seemed to make the most sense to me and the first one was like normal security and platform stability. With the outages that Robinhood and other CEX had faced transactions getting canceled or tokens getting lost would have been a horrible look for the company. 

The second idea I read about was one that if it ever turns out to be true, something I do not see happening personally, would be fascinating. As many of yall are aware of you have short term and long term gains for tax purposes. If a buy and sale happens in less then a year then it will be taxed as a short term return and these taxes are much higher then long term. It was around this time last year that the big Bitcoin and Ethereum bull runs really started to make the news. By having the wallet feature roll out later closer to the year mark of many investors they can transfer and sell their crypto now and pay a lot less in tax. Now like I hinted at earlier I would never expect to actually hear this rumor get either confirmed or denied by Robinhood because it would mean they were holding peoples crypto hostage but it would be done to help out newbies. 

While I still have plenty of beefs with Robinhood I personally still do use it due to the ease of using it. Having the Development team at Robinhood finally add this long time highly requested feature is a really great thing and something I am happy to see! If you are interested in the stock market and crypto and want them both in the same place this is the platform I use. By using my link here when you sign up and fun your account you earn a free share of stock!

I have also been utilizing my Fold card at every chance I get to earn back sats! If you do not have the app here is my referral for it and if you use it you will get a free 5,000 sats! I have the Spin+ card and even with the $150 cost of having the premium version I have to say I easily and quickly earned back that amount plus more! 

Robinhood referral https://join.robinhood.com/codye19

Fold referral https://use.foldapp.com/r/NRL47MEX