Bart Smith, chairman of the Digital Assets Division of the American Trade and Technology Company Susquehanna, said he remains a fan of Bitcoin (BTC), from the CNBC's "Fast Money" statement on November 20th.
Bart Smith, also known as the "Crypto King", stressed (regarding Bitcoin's collapse): "it was a "long game" and that "every great idea is unstable".
He noted that while the figures from the world equity strategy may have been taken for consideration of Bitcoin and other cryptic currencies as a separate "asset class", this is not what they were intended for "at the beginning".
"(...) The desire to have a decentralized form of currency has always existed. Remember how Bitcoin came out of the depths of the financial crisis in 2008, let's see what happens next year (...) Let's see if central banks in the US and Europe can successfully dispel cybercurrencies and whether they will look at what people really want" – Bart Smith on "Fast Money"
Analyzing the recent market downturn, Smith suggested that cryptographic space still lacks the capital to survive global changes and demarches, such as the disputed hardforkHardfork
– a fundamental change in the source code, incompatible with the old protocol and the used software.Details Bitcoin Cash.
Smith noted that Bitcoin's creator, Satoshi Nakamoto, developed an "individual", decentralized, peer-to-peer currency, so that it would last at least until 2140. This fact is an important confirmation that cryptocurrency is not just an innovation, but a long-term, promising invention.
We will remind that this week Wall Street cryptocurrency trader Tom Lee also emphasized the important role of institutional participation in the field of crypto-sphere. According to him, the future launch of the Bakkt digital assets platform on the New York Stock Exchange (NYSE) Intercontinental Exchange (ICE) platform is a turning point in the financial world.
Editor: Alyona Nabok