Tuesday afternoon (ET) saw Bart Smith (Head of Digital Asset Group, Susquehanna International Group) join the panel on popular American post-market business program, CNBC’s Fast Money, to provide insight on the current investment environment surrounding Bitcoin (BTC), and cryptocurrencies, in general.
Bitcoin is still the best bet for crypto investors as people are “functionally using” it, Bart Smith told CNBC. He said,
“If you want to own the asset that you can actually 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,”
BTC, the largest cryptocurrency by market cap, has been just one of many digital coins in the crypto universe that has been under increased scrutiny in recent months as regulators try to determine how cryptocurrency should be used.
Smith said, “people got very excited about bitcoins” when BTC futures were announced.
“They got really excited about all these other tokens and use cases. And all of the sudden you saw all of these smaller tokens, as people got excited about them, massively outperform. We got way ahead of ourselves.”
“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 realize, those things are very difficult and aren’t coming anytime soon,”
Many people work in one country 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 there are people that can stop you from sending that money, whether that’s good or bad. With bitcoins, I can send money. It’s fast. It’s cheap. And frankly, no one can stop me.”
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