Stash chief executive Brandon Krieg was speaking to CNBC on Friday, a day after the fintech unveiled a new crypto investing app.
Stash CEO Brandon Krieg says the current declines across the crypto markets provide for an opportunity for retail investors to buy the dip.
According to Krieg, this is the time when those looking to get crypto exposure can look to buy one of the coins and hold long term.
In an interview with CNBC’s ‘Squawk Box’,’ he said Stash does not engage in day trading, and so does not advise on price movements. He noted that “nobody has the crystal ball” to tell what the market will be like short-term or even five, ten years from now.
However, as an investing firm that allows small investors to make incremental purchases of assets, he feels that the crypto winter offers a “perfect time” for anyone ready to make a long-term bet.
Stash announced a fully automated crypto investing app on Thursday, revealing a “Smart Portfolio” for a 4%-6% exposure. This exposure is however based on a customer’s risk profile, he added.
Commenting on whether at current prices major cryptocurrencies like Bitcoin and Ethereum were still a buy, Krieg affirmed. He added that Stash believes in the long-term outlook for these assets and that they forecast a rebound even as BTC and ETH correct heavily.
He also noted that the small investments approach Stash has adopted is beneficial, especially to people new to crypto and who don’t understand the market very well. He said the app is therefore tailored to give such investors a “simple and easy way” to get a piece of the cryptocurrency investment pie.
Stash has over 6 million customers and 2.3 million subscribers. Women make up 49% of new customers. The US-based firm has over $3 billion in assets under management (AUM). A private valuation for the company put it at $1.4 billion in February 2021.
Bitcoin price dropped sharply on Friday to touch lows of $37,800 and continue the bearish run that has seen it lose over 40% since the breakdown from the all-time high of $69,000. The sell-off is likely to deepen given the correlation with stocks.
On Friday, the Nasdaq opened lower after global stock markets shrunk, with the index down nearly 6% on the weekly log and tracking its worst performance since October 2020.
The post Now is perfect time for retail investors to gain crypto exposure, says Stash CEO appeared first on Coin Journal.