Brandon Krieg, chief executive of Stash, spoke to CNBC Friday after the fintech announced a new app for crypto investing.
Brandon Krieg, CEO Stash, said that the current crypto market declines offer retail investors an opportunity to buy the dip.
Krieg says this is when people looking for crypto exposure should look to purchase one of these coins and keep it long-term.
The following is 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.
“For crypto exposure for our customers, we think it’s the perfect time for retail investors to start getting exposure to some cryptocurrency,” Krieg told CNBC.
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.
Krieg confirmed that major cryptocurrency cryptocurrencies like Ethereum and Bitcoin are still viable investments at the current prices. Krieg stated that Stash believes that these assets have a long-term outlook and forecasts a rebound, even if BTC or ETH are correct.
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 more than 6,000,000 customers and 2.3 Million subscribers. 49% are women, which makes up 49% percent of new customers. The US-based company has more than $3 billion in assets under management. The company’s private valuation was $1.4 billion in February 2021.
Bitcoin’s price fell sharply Friday to $37,800. This is the continuation of a bearish run in which it has lost over 40% since reaching its all-time high at $69,000. Due to the close correlation with stocks, the sell-off could get more severe.
Friday’s opening of the Nasdaq was lower than usual due to global stock markets shrinking.