In an interview with CNBC on 11th July, Bart Smith, the Head of Digital Assets for Susquehanna International Group expressed his opinion that ‘Bitcoin is the best bet for cryptocurrency investors.’ The Wall Street honcho called Bitcoin as the ‘currency of the internet’ while predicting the large-scale implementation of the cryptocurrency in various fields.
Smith also went on to comment on the Bitcoin mania that occurred during late 2017/early 2018. According to him even though all the other coins enjoyed the price hike during the boom, only Bitcoin has the functionality to actually sustain in the market right now.
He believes that users will flock to Bitcoin rather than to its alternatives because of its wide market adaption and appeal. Furthermore, he feels that the field of technology is volatile and if users don’t get what they want, they will move on to a product that will fulfill their requirements, a reason why Bitcoin is dominating the market. He said:
”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.”
Speaking about why Bitcoin will be adopted by the masses, he remarked:
“It is the currency of the internet… I would say it is the digital gold… it’s a cross-border money transfer which people use … and if those are the two use cases today it’s hard to imagine bitcoin losing those two use cases versus the field.”
Bitcoin makes it easy for people who live in different countries to conduct cross-country transactions with minimal hassle. Smith realizes this fact and further uses it to make his case for Bitcoin. He stated:
“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 bitcoin, I can send money. It’s fast,cheap and frankly, no one can stop me.”
The financial executive also feels that if the price of Bitcoin falls to the $5000 level, it will invite more investors. As of 12th July, Bitcoin was priced at $6194 with a market cap of $106.2 billion.
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