In an interview with CNBC, Susquehanna International’s head of digital assets Bart Smith said Bitcoin is still the best bet for cryptocurrency investors as people are “functionally using” the coin.
On CNBC’s “Fast Money” Smith said:
“If you want to own the asset that you can actually use today and that people are functionally using, it’s bitcoin.”
Bitcoin, the largest cryptocurrency in the world going by market cap, has recently come under increased scrutiny along with its counterparts on the market as government regulators try to make sense of how crypto should be used and regulated.
The Bitcoin Advantage
Bitcoin maintains a distinct advantage over other cryptos, and that is the fact that bitcoin has established use cases unlike other competitors, Smith says. He adds:
“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.”
Smith points out that many people work overseas and send money back home, a situation where bitcoin has a lot of advantages. He says:
“They use Western Union, traditional banks; It is slow and it is expensive,” he said. “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.”
Bitcoin currently trades at $6,402.96 as of press time. The cryptocurrency market experienced a downturn earlier this year, with bitcoin going down by 60 percent. At its highest point in December 2017, Bitcoin almost breached the $20,000 mark.