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Robinhood to market sell BSV after delisting Craig Wright’s Bitcoin variation

Robinhood to market sell BSV after delisting Craig Wright’s Bitcoin variation

Users of the popular stock and crypto trading app Robinhood are reacting to the announcement that the platform will delist Craig Wright’s Bitcoin SV (BSV) on Jan. 25.

A Robinhood spokesperson further told CryptoSlate that any BCV held on the platform by customers after the deadline will be  “sold at market value and credited to their Robinhood buying power.”

The change comes as a part of Robinhood’s routine review of its crypto products, meaning BSV will continue to be tradeable on the app until the deadline. However, it also highlighted that investors residing in Hawaii, Nevada, and New York have limited capabilities to trade BSV.

The Robinhood spokesperson further stated,

“We have a rigorous framework in place to help us regularly review the crypto we offer… No other coins are affected by this change and all of our customers’ crypto remains safe on Robinhood. We are extremely selective about the assets we offer…”

The price of BSV opened on Jan. 11 at $44.95 but has fallen 16.97% as of press time to $37.29. Bitcoin is also experiencing a ‘red day’ with the flagship crypto dropping 0.91%. However, the price decline for Bitcoin is still well above the $17,000 mark as the retracement failed to mirror the losses of BSV.

Bitcoin SV and Craig Wright

Bitcoin SV is a hard fork of Bitcoin Cash and was created by the infamous Craig Wright, who claims to be Satoshi Nakamoto, the founder of Bitcoin. Wright has positioned himself within numerous legal battles with those who have challenged his claim to the Bitcoin throne. Thus, many investors are cheering for the removal of BSV from popular exchanges.

Craig Wright has made no direct comment on the delisting, which has coincided with a significant sell-off of BSV. However, he did tweet several motivational quotes from Benjamin Franklin and Plato, adding,

“While I cannot say I have been perfect here, I am managing to listen first and talk after much more. I have been tracking this, and so far I am progressing well.”

BSV was added to Robinhood in November 2018 following the BCH fork, with BSV distributed…


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