Bart Smith, head of digital asset trading at Susquehanna International Group believes Bitcoin is the best bet for cryptocurrency investors as it is being functionally used.
“If you want to own the asset that you can actually use today and that people are functionally using, it’s bitcoin,” said Smith adding that “the use case for bitcoin is valid today, which is the currency of the internet.”
Bitcoins by far the largest cryptocurrency by market cap yet has found itself under increased regulatory scrutiny over the last few months as authorities attempt to determine how it should be used. The fact that it has amassed many proven and successful use cases mean that it holds a distinct competitive advantage over other cryptocurrencies.
Running before it can walk
Towards the end of 2017 when bitcoin futures were announced, many investors got very excited about it as well as other tokens and use cases. This lead to a dramatic increase in the value of many tokens which Smith believes led to a situation where the industry got massively ahead of itself.
“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 also highlighted the fact that people may work in a particular country and then send money back to another country- a scenario that is extremely BTC friendly.
“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.”
Potential to hit $60k
At the time of writing, BTC was priced at approximately $6300 after hitting an all-time low of $6000 in June. Despite these figures, Julian Hosp the co-founder of TenX stands by his prediction that Bitcoin has the potential to hit $60,000 by the end of 2018.
Speaking in an interview at the RISE tech conference in Hong Kong, Hosp said:
“I think we are going to see BTC hit the $60,000 mark but I also think we will see it hit the $5000 mark as well. The question is, which one is it going to hit first?”
Many analysts and market experts believe that the currency has a long way to go before it reaches maturity and acquires the stability that it so desperately needs in order to present itself as a viable alternative to fiat currency.
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