Wall Street’s Crypto King Says that Bitcoin is Still the Best
Bart Smith, Wall Street’s ‘ Crypto King’ said that he believes despite the price fluctuations, Bitcoin remains to be the best cryptocurrency to invest in for traders.
Smith launched a crypto desk that buys and sells millions of dollars in cryptocurrencies including bitcoin, said this statement because of the vast usability of bitcoin. He stated,
Bitcoin is still the best bet for crypto investors as 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.
Bitcoin is the largest cryptocurrency in the world by market cap and has been under a lot of scepticism and scrutiny lately. However, Smith says that it is the best option because of a large number of use cases available as compared to other cryptocurrencies. He says that when people look at the use cases of Altcoins, lighting network or other smart contracts, they are realizing that the use cases are not as vast as those of bitcoin and therefore not as valuable.
He also mentioned that because of globalization at both the individual and the group level where people live in one country but need to send funds to another, Bitcoin is the most transfer-friendly digital currency. He compared it to traditional methods such as international bank transfers and Western Union and stated that those methods are often expensive and slow. He said,
They use Western Union, traditional banks; It is slow and it is expensive… 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.
He also further commented on other digital currencies and said that while they may be successful in the future, now is the time for Bitcoin. His reasoning was that these coins will face challenges of establishing new ‘technological advancement. Therefore despite the existence of numerous cryptocurrencies and the eye that Bitcoin is placed under, according to Smith, it is the likely winner in the market.
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