Wall Street : Bitcoin Is The best Bet For Crypto Investors
The price of Bitcoin went below $6,000 in June and that brought it to about 60% loss in 2018 from its record high of $19,500 in December 2017. However, the recent fall in its value has done nothing to deflate the trust which some crypto traders have in the digital currency.
Bitcoin is a Functionally Used Digital Currency
Speaking to a news outlet earlier this week, Bart Smith, the head of digital asset at Susquehanna International Group, expressly opined that Bitcoin remains the surest bet for crypto investors as it is being functionally used by different people for different functions.
Explaining his position, Smith stated that anyone who intended to own an asset which is being functionally used by people at the moment should opt for bitcoin. Smith added that bitcoin currently has valid use cases and it serves as the internet’s currency.
Considered the cryptocurrency with the largest market cap, bitcoin is one of several virtual currencies in the crypto sphere at the middle of financial regulators’ intense scrutiny over the past few months in a bid to establish the uses of the virtual currency.
Bitcoin’s Competitive Advantage Lies in Its Use Cases
Smith noted that bitcoin’s establishment of its use cases has given it a competitive edge over other digital currencies. He further added that the announcement of bitcoin futures caused excitement about the currency among different people. According to him, the excitement had to do with the different tokens and their use cases but it was, however, short-lived as the tokens didn’t live up to expectations.
Smith opined that people have come to the realization that smart contracts, use cases, lightening network and other technological innovations are not as easy as they seem and could actually take a while to become effectively functional. While mentioning one of the uses to which bitcoin can be put, he highlighted the transfer of money from one country to the other by people working outside the country as a bitcoin-friendly transaction.
He noted that most people still used traditional banks and Western Union, but the services of these traditional institutions are often slow, very costly and there are certain regulators that can prevent one transferring money at will. Smith added that bitcoin was a better alternative as it was the direct opposite of the traditional institutions. Bitcoin according to him, allowed money to be sent faster, at a cheaper rate and is also largely unstoppable.