The existent use cases of bitcoin give it an corner over other cryptocurrencies, the conduct of digital resources at Pennsylvania-based trade organisation Susquehanna International Group, Bart Smith, told CNBC’s Fast Money on Tuesday.
According to Smith, with these determined functions of bitcoin which are already germane today, the flagship cryptocurrency presents the best opportunities for investors in the space. Smith went on to bring use cases such as cross-border transfers generally for newcomer workers.
“They use Western Union, normal banks; It is delayed and it is expensive. And there are people that can stop you from promulgation that money, either that’s good or bad. With bitcoin, we can send money. It’s fast. It’s cheap. And frankly, no one can stop me,” Smith said.
Already in Use
Per Smith, the technological advancements that are being made in the blockchain and cryptocurrency fields are going to take some time before they are entirely realized. However, with bitcoin, it is already the banking of the internet, besides possessing other functions. That being the case, Smith does not predict a conditions where BTC would remove the heading position to other cryptocurrencies.
“It is the banking of the internet… we would contend it is the digital gold… it’s a cross-border income send which people use … and if those are the two use cases today it’s hard to suppose bitcoin losing those two use cases contra the field,” Smith said.
Smith also concurred that bitcoin’s $6,800 insurgency level, as well as the $5,800 support level, have been pivotal focus points. The Susquehanna executive remarkable that the lows that BTC bounced off recently were the same ones that were overwhelmed in Apr and Feb this year. Additionally, these were the same levels that the item was trade at last year in late Oct when bitcoin futures were announced.
Prices Stabilizing After Record Highs
Per Smith, the fad that followed after the proclamation of bitcoin futures has subsided and the cryptocurrency, as well as other tokens, are now at the turn where they were before to bitcoin apropos a regulated financial instrument.
The Susquehanna International Group executive also forked out that between 90% and 95% of the cryptocurrency marketplace volumes are generated outward the United States. And while in the United States the dollar is the bottom banking for trade bitcoin, in other countries BTC is the haven currency.
Smith also disclosed that if bitcoin forsaken to the $5,000 turn a lot of big investors would raise in. The Susquehanna International Group executive celebrated with the sensitivity in the cost carrying reduced and volumes also carrying left down, it could maybe be an denote that the bear marketplace was impending an end.
“Volumes are reduce opposite the board. And that generally to a lot of traders is kind of a clarity that, is this bear marketplace petering out?,” he added.
Featured picture from Shutterstock and charts by Tradingview.
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