Bitcoin has had a rough 2018 thus far, with its price taking an almighty tumble. Many within the market are now wondering what it will take for the cryptocurrency to turn the corner. Others might be dropping Bitcoin at an alarming rate, but a certain Wall Street favorite is calling for calm. Bart Smith is currently the Head of Digital Assets at Susquehanna International Group, so it’s safe to say that his words usually command attention. Speaking on CNBC’s Fast Money, he’s gone out of his way to back Bitcoin, especially as a functional asset that can actually be used around the world.
Still the Crypto to Watch
Bitcoin still stands as one of the few cryptocurrencies that is actively being used to purchase goods around the world. Yes, there are many altcoins that are stepping up, but Bitcoin still has a dominant market share as a functional day-to-day currency. “The use case for Bitcoin is valid today”, says Smith. The famous Wall Street mainstay was also keen to discuss how Bitcoin reached its current low point. Smith sums up the thoughts of millions when he says, “We got way ahead of ourselves.” The excitement surrounding Bitcoin was nothing short of electric, to the point where people were grabbing smaller tokens in droves – in an attempt to find the “next Bitcoin.” Things would come to a head in December last year, as Bitcoin’s notorious volatility generated heavy losses for those that had simply jumped on the Bitcoin bandwagon.
Promises, Promises, Promises
Smith feels that the cryptocurrency market’s promises – and we’ve heard a lot of them – are still way off being a reality. Even the emerging Lightning Network and smart contracts did not escape Smith’s attention, as he doesn’t currently consider them to be viable. Smith 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.”
The Case for Bitcoin
The big case for cryptocurrency is that it’s making major waves as a cross-border value transfer, as Bitcoin’s track record in such area is almost spotless. Surprisingly, many continue to use Western Union to send money overseas, with Smith picking huge holes in its performance. “[People] 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. It’s cheap. And frankly, no one can stop me,” he said.
Bitcoin needs supporters within the financial sector, as recent times have been hard on the world’s leading cryptocurrency. Smith’s words will come as comfort to those that have been hit hard by the rocky marketplace. While Bitcoin is down, don’t count it out, because as Smith says it’s still the best cryptocurrency on the market.