HOOD Stock Rises As Trump Accounts Officially Go Live On Robinhood

2 hrs ago Updated 2 hrs ago

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Boluwatife Adeyemi is a well-experienced crypto news writer and editor with a focus on macro topics, crypto policy and regulation and the intersection between DeFi and TradFi. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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an image to represent the Trump Accounts

Trump Accounts Officially Go Live On Robinhood, HOOD Stock Climbs

The initiative officially went live on Robinhood’s site today, while the White House held a ceremony to celebrate the kickoff, with President Trump ringing the Nasdaq and NYSE opening bells. As CoinGape reported, Robinhood and BNY Mellon are the official partners for the U.S. Treasury’s Trump Accounts program.

The HOOD Stock has climbed on the back of the official launch of this initiative. The crypto stock is currently trading at around $114, up over 2%, according to TradingView data, despite the downtrend in the crypto market, with Bitcoin falling below $62,000. The stock is also up over 13% in the last five days.

The Trump Accounts initiative will kick off with a $1,000 seed money from the government for kids born between 2025 and 2028. Individuals such as Michael and Susan Dell have also contributed to the initiative.

Michael Dell reiterated during the White House ceremony that they are contributing $6.25 billion to 25 eligible American children. It is worth noting that the initiative has been launched amid America’s celebration of its 250th anniversary.

Peter Schiff Criticizes The Initiative

Bitcoin critic and renowned economist Peter Schiff said in an X post that there was nothing to celebrate about the Trump Accounts initiative. This came as he noted that the $1,000 federal contribution to these accounts is funded by issuing more debt.

“So the kids who get the money also inherit the debt. Cutting spending would be far better,” he added. Notably, the BTC critic has also recently criticized Strategy’s sale of $216 million of Bitcoin, noting that they sold at a loss.

It is worth noting that the Trump Accounts do not officially include crypto at the moment. However, when asked if it could include Bitcoin, the president said, “Something could happen.” He also mentioned that he was a fan of crypto, with the president seeking to make the U.S. the crypto capital of the world.

For more information on Trump coins, please check out our page on Top Trump Coins To Buy

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.