Bart “Crypto King” Smith, Susquehanna Investment Group’s head of digital assets, argues that Bitcoin is a long run play. He proclaims himself as Bitcoin true believer nevertheless the November’s drastic Bitcoin back to the October of last year as far it concerns price issue. His brilliantly reminds what was happening in previous Thanksgiving days: “there’s a lot of talk today about the Thanksgiving table a year ago when it was at $8,000. But the Thanksgiving before that, it was at $750. And the Thanksgiving before that, it was at $350.”
Bart Smith also expresses that compassion feeling for those investors that bought Bitcoins in December last year when it climbed to the all-the-time-high: “In 2010, someone bought two pizzas for 10,000 Bitcoin that today would be worth $40 million. So, I understand the price action if you bought at the day futures were launched in December to now has been pretty painful, but listen, every great idea is volatile.” He spoke about the fact that Amazon’s stock has also experienced 95% decline during his track to success.
He joins ranks with Bakkt officials and Tom Lee’s view of Bitcoin as an “investment class” rather than “money” stressing at the same time that the relevant dream of Bitcoin is not over: “For this to be successful, usership needs to increase, [but] that may or not mean that BTC’s value will have to go up. In the U.S., adoption is difficult. Venmo and Amex work perfectly well for me, and that isn’t what Bitcoin was designed for. But, the desire to have a sovereign, foreign currency has existed forever. And remember, it came from the depths of the 2008 financial crisis.”
Bart Smith also believes that recent downward trend of Bitcoin came up as the sequence of lack of institutional investors at the market spot: “A wealthy individual from the GI generation isn’t going to take a high-resolution photo of their drivers license to send it to a website, and then send them money. They want to invest in Fidelity or at Bank of America, so that has led to the second problem, which is without the capital on-ramp, liquidity has been very low. And so we’ve seen a stable price through the summer… but when those sellers come in, there’s no liquidity to absorb those sales.”