Robinhood Offering $50,000 in Free Credits to Users Amid Crypto CrashBy tweeting the name of the stock with a Robinhood-approved hashtag, users can earn $5 in credit until the company spends $50,000.
ByEmily Rella•
Bitcoin valuation continues to tumble today after China continued to impose strict rules against usage of cryptocurrency, leading to further valuationdeclinesacross the crypto world.
The beginning of the coin's downfall began afterElon Musk tweetedthat Tesla would no longer be accepting the coin as payment due to environmental concerns, prompting aresponse from Mark Cubanand sending shockwaves through the crypto community.
At their highestdeclines, Bitcoin plummeted 30% to around $30,000 (its lowest valuation since January of this year), Ethereum saw a 40% decrease and Dogecoin dropped around 22%.
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The currencies have since rebounded and slightly recovered but are still significantly down as the fear of regulations and pullback of support for the currencies looms.
In order to capitalize on the crypto crash and panic, popular trading company Robinhood is hoping to entice traders to stay active by offering stock credits on its site.
For the next 5️⃣ hours only: name your stock and we'll send you $5 to put to work on Robinhood.
— Robinhood (@RobinhoodApp)May 19, 2021
Tweet the stock you want with#RobinhoodRewardsand include your Robinhood referral link. Promo ends 3 pm PT or when we've given away $50k. Limitations apply:https://t.co/IXPrixLqufpic.twitter.com/HKyjrMflap
"Tweet the stock you want with#RobinhoodRewardsand include your Robinhood referral link," the company said on social media.
Related:Securely Store Your BTC, ETH, and More with This Hardware Crypto Wallet
Users can drop the name of the stock they want to put $5 towards and the company will send the credit to their Robinhood account until the company maxes out at $50,000.
Robinhood clarified that users must tweet a specific stock, not a cryptocurrency, in order to receive the credit.
Though Robinhood allows users to make crypto transactions and purchases, the service does not allow for crypto fund withdrawal, meaning users have to sell coins and then transfer the balance to an external, alternate account.
The company is expected torevealdetails of its IPO filing as early as next week.
Related:Tax Rules for Buying and Selling Bitcoin and Other Crypto
