Robinhood Offering $50,000 in Free Credits to Users Amid Crypto Crash By tweeting the name of the stock with a Robinhood-approved hashtag, users can earn $5 in credit until the company spends $50,000.
By Emily Rella
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Bitcoin valuation continues to tumble today after China continued to impose strict rules against usage of cryptocurrency, leading to further valuation declines across the crypto world.
The beginning of the coin's downfall began after Elon Musk tweeted that Tesla would no longer be accepting the coin as payment due to environmental concerns, prompting a response from Mark Cuban and sending shockwaves through the crypto community.
At their highest declines, 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%.
Related: Bitcoin Pizza Brand Is Here to Disrupt the Market — But it Doesn't Accept Bitcoin
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 #RobinhoodRewards and include your Robinhood referral link. Promo ends 3 pm PT or when we've given away $50k. Limitations apply: https://t.co/IXPrixLquf pic.twitter.com/HKyjrMflap
"Tweet the stock you want with #RobinhoodRewards and 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 to reveal details of its IPO filing as early as next week.
Related: Tax Rules for Buying and Selling Bitcoin and Other Crypto
