Trading platform Robinhood has stopped supporting purchases of $GME shares (although you can still sell them), along with other tokens $AMC, $BBBY and $NOK. This comes after thes stocks shot up in value due to a targeted push by those who frequent the notorious WallStreetBets subreddit.
But the crypto community is fuming.
this is some clown shit
— Meltem Demirors (@Melt_Dem) January 28, 2021
Robinhood’s website states the company’s mission is to “democratize finance for all.” In addition, the company believes the financial system should be “built to work for everyone.”
— Elle Thompson (@l_e_thompson) January 28, 2021
For some in the decentralized finance (DeFi) industry, that position is fundamentally at odds with Robinhood’s decision to suspend $GME trading.
Dave Portnoy weighs in
Barstool Sports President Dave Portnoy, who once briefly stepped into the cryptosphere, said, “I will burn Robinhood to the ground if they shut down free market trading.”
I will burn @RobinhoodApp to the ground if they shut down free market trading.
— Dave Portnoy (@stoolpresidente) January 28, 2021
In another tweet, he suggested Robinhood has a choice: “Either Robinhood allows free trading like they say they do or they die. It’s really that simple.”
For others however, Robinhood’s decision to suspend purchases of $GME represents free advertising for the DeFi industry. “We are getting the best DeFi ads for free,” said Eric Conner, co-founder of ethhub.
We are getting the best DeFi ads for free.
— eric.eth (@econoar) January 28, 2021
It all depends on perspective.