My understanding of the way trading works on Robinhood is that you don't actually get a wallet for the coins you buy. So essentially, you're buying a security pegged to the value of the coin, not the coin itself.

Buying the coin is what drives demand for the coin and demand is what drives the price of the coin. It's like buying a futures contract for Bitcoin. And remember how half the futures market was shorting Bitcoin?

I've also noticed that, according to Coinmarketcap, Bitcoin dominance is down from more than 45% a few weeks ago, to 37% now. That means people are diversifying their portfolios, and in turn, that would mean that the price of Bitcoin is not driving every other up in price. Relative demand for Bitcoin is falling with respect to other coins.

So I'm skeptical of the impact Robinhood will have on the price of cryptocurrency, Bitcoin, in particular. The best thing that could happen to this market is reduced Bitcoin dominance. That ensures diversity of investments and spreads the risk among a greater number of coins.