Wall Street Trader says Bitcoin is the Best Bet for Crypto Investors
July 11, 2018 11:52 am
Mr. Bart Smith told CNBC, Bitcoin is still the best bet for cryptocurrency investors as people are functionally using it.
Bart Smith, head of digital assets at trading giant Susquehanna International Group, spoke on “Fast Money” Tuesday, “If you want to own the asset that you can use today and that people are functionally using, it’s bitcoin.”
“The use case for bitcoin is valid today, which is the currency of the internet.”
Bitcoin, the largest digital currency by market cap, has been just one of many digital coins in the cryptocurrency universe that has under increased scrutiny in recent months as regulators try to determine how cryptocurrency should be used.
However, the way Bitcoin has established use cases is what provides it the competitive advantage over other digital currencies, Bart Smith said.
Last fall, when bitcoin prospects were declared, he stated:
“People got very excited about bitcoin. They got excited about all these other tokens and used cases. And all of the sudden you noticed all of these smaller tokens, as people got excited about them, massively outperform. We got way forward of ourselves.”
Bart Smith stated:
“If you’re looking at these other use cases, smart contracts, or lightning network or these different technological advancements, I think people are coming to understand, those things are complicated and aren’t coming anytime soon.”
He pointed out that many people work in one nation and send money back to a different country a situation that is very bitcoin-friendly.
“They use Western Union, traditional banks; It is slow, and it is expensive. And some people can stop you from sending that money, whether that’s good or bad. With bitcoin, I can send money. It’s fast. It’s cheap. And frankly, no one can stop me.”