Bart Smith, head of digital assets at Susquehanna International, commonly referred to as Wall Street’s ‘Crypto King’, recently described his positive outlook for Bitcoin on CNBC’s Fast Money. According to Smith, Bitcoin’s 2018 price drop isn’t anything to be concerned about.
The Crypto King pointed out that Bitcoin was trading at a similar price as it is now prior to the boom of late last year. He attributes the cryptocurrency price jump to the market getting overly excited when cryptocurrency futures were offered in late October of 2017.
“We got way ahead of ourselves, when we got into late December and early January. We’ve been grinding back down here, and we’re now back at that level before Bitcoin became a financial instrument.”
Smith considers much of the most recent technological advancements in cryptocurrencies such as smart contracts and the Lightning Network to be far from optimized. However, Bitcoin, still maintains a valid use case.
“[Bitcoin] is the currency of the internet. I would say its a digital gold,” said Smith. “It’s a cross-boarder money transfer which people use. It’s hard to imagine Bitcoin losing its use-cases versus the field.”
Smith thinks Bitcoin will maintain its value long into the future, despite new coins regularly being developed with upgraded technology. He argues that Bitcoin will continue to serve as the reserve currency used in crypto-for-crypto transactions.
“There are a lot of big investors who would like to buy it (Bitcoin) at $5000 if it gets there.”
Bitcoin is currently trading at $6,388.55, down roughly 70 percent from its record high of nearly $20,000 late last year.
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