Bart Smith, head of Susquehanna International Group, said in an interview with CNBC that Bitcoin remains to be the best bet for cryptocurrency investors because people are “functionally using” it.
“If you want to own the asset that you can actually use today and that people are functionally using, it’s bitcoin,” the head of the digital asset at trading giant added.
Smith explained, “The use case for bitcoin is valid today, which is the currency of the Internet”.
Bitcoin, the largest cryptocurrency by market cap, is currently under increased scrutiny as regulators try to figure out how cryptocurrencies should be used.
However, Smith counters that the mere fact that bitcoin has established used cases is what gives it an edge over other cryptocurrencies.
When bitcoin futures were announced last fall, “people got very excited about bitcoin,” Smith 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,” he added.
“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.
Smith added that there are a lot of people who work in one country and send money back to another country—a situation, which he says, is very bitcoin-friendly.
However, Smith said these people use Western Union or traditional banks, which can be slow and expensive.
“With bitcoin, I can send money. It’s fast. It’s cheap. And frankly, no one can stop me”.