- Bitcoin, with its established use cases, is still the best bet for investors, says Bart Smith of Susquehanna International Group.
- The Wall Street crypto trader says bitcoin is the currency of the internet.
Bitcoin is still the best bet for crypto investors as people are “functionally using” it, Bart Smith told CNBC.
“If you want to own the asset that you can actually use today and that people are functionally using, it’s bitcoin,” Smith, head of digital asset at trading giant Susquehanna International Group, said on “Fast Money” Tuesday.
“The use case for bitcoin is valid today, which is the currency of the internet,” he added.
Last fall, when bitcoin futures were announced, “people got very excited about bitcoin,” he said. “They got really excited about all these other tokens and use cases. And all of the sudden you saw all of these smaller tokens, as people got excited about them, massively outperform. We got way ahead of ourselves.”
“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 said.
He pointed out that a lot of people work in one country and send money back to a different country — a situation that is very bitcoin-friendly.