Susquehanna’s Crypto Chief Said Bitcoin is the Best Cryptocurrency Investment
bitcoin is on edge over other cryptocurrencies, the head of digital assets at Pennsylvania-based trading firm Susquehanna International Group, Bart Smith, told CNBC’s Fast Money on Tuesday.
According to Smith, with these established functions of bitcoin which are already applicable today, the flagship cryptocurrency presents the best opportunities for investors in the space. Smith went on to cite use cases such as cross-border transfers especially for immigrant workers.
“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. It’s cheap. And frankly, no one can stop me”
According to Smith, the technological advancements that are being made in the blockchain and cryptocurrency fields are going to take some time before they are fully realized. However, with bitcoin, it is already the currency of the internet, besides possessing other functions. That being the case, Smith does not foresee a situation where BTC would lose its leading position to other cryptocurrencies.
Smith also acknowledged that bitcoin’s $6,800 resistance level, as well as its $5,800 support level, have been key pivot points. The Susquehanna executive noted that the lows that BTC bounced off recently were the same ones that were touched in April and February this year. Additionally, these were the same levels that the asset was trading at last year in late October when bitcoin futures were announced.