The head of digital assets at Pennsylvania-based trading firm Susquehanna International Group, Bart Smith on Tuesday noted that given the existing use cases of bitcoin, this gives it’s an advantage over other cryptocurrencies.
Smith noted that with these existing functions of bitcoin where are now applicable, the dominant cryptocurrency offers the best chances for investors in the sector. Smith went ahead to mention use cases such as cross-border transfers, particularly for immigrant workers.
“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,” Smith stated.
According to Smith the technological improvement that is being made in the blockchain and cryptocurrency fields are going to take some time before they reach their full potentials. Yet, with bitcoin, it is already the currency of the internet, in addition to performing other functions. With that being the case, Smith does not predict a situation where Bitcoin might lose its dominant position to other cryptocurrencies.
“It is the currency of the internet… I would say it is the digital gold… it’s a cross-border money transfer which people use … and if those are the two use cases today it’s hard to imagine bitcoin losing those two use cases versus the field,” Smith said.
Smith also recognized that bitcoin’s $6,800 resistance level, including its $5,800 support level, have been important points. The Susquehanna executive stated that the lows that bitcoin recovered from were similar to those that were made in April and February this year. Moreover, these were the same levels that the asset was trading at last year in late October when bitcoin futures were revealed.