If you’re going to back cryptocurrency, back Bitcoin, argues one Wall Street investor…
Given that the value of Bitcoin has fallen from just shy of $20,000 at the end of December to just north of $6,000 at the time of writing, it’s easy to see the argument that it might not be the best investment. But go a little further back, and at the start of 2017, the value of a Bitcoin wasn’t even at $1,000. Put into that context, it’s easy to overlook just how much Bitcoin has grown, and how quickly.
One Wall Street investor in particular isn’t getting carried away with the anti-Bitcoin headlines that have been doing the rounds, and instead is arguing that it’s the cryptocurrency of choice to put your money in.
Bart Smith, of Susquehanna International Group, has told CNBC in a new interview that “if you want to own the asset that you can actually use today and that people are functionally using, it’s Bitcoin”.
He added that last year, “people got very excited about Bitcoin… 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”.
But he’s adamant that whilst other currencies and projects have failed in many cases to take off, Bitcoin has very real uses, citing in particular the cases of people who work in one country, and send it home to another. “With Bitcoin I can send money. It’s fast, it’s cheap”, he argues.
Bitcoin’s price currently stands just shy of $6,400, having clawed back ground following its drop below $6,000 last week.