Bitcoin is the best option for cryptocurrency investors. That’s according to a Wall Street trader who believes it’s the currency of the Internet.
Bitcoin Is Being Used
Bitcoin is the number one cryptocurrency on the market. According to CoinMarketCap, it has an industry value worth of nearly $110 billion. While it’s a far cry from its $330.4 billion market cap from December, it’s still miles ahead of other altcoins.
And according to Bart Smith, head of digital asset at trading giant Susquehanna International Group, it’s the best cryptocurrency for investors. Speaking to CNBC’s Fast Money yesterday, Smith said:
If you want to own the asset that you can actually use today and that people are functionally using, it’s Bitcoin. The use case for Bitcoin is valid today, which is the currency of the Internet.
In Smith’s opinion, it is the established use cases that give the edge to Bitcoin. For instance, the ability of one person to send money to another through the cryptocurrency. He adds:
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.
Even though the crypto market is struggling to gain new heights, optimism remains. So much so, that Ken Jacobs, CEO of Lazard Ltd., a financial advisory and asset management firm, believes that digital currencies could undermine the U.S. dollar’s reserve status, becoming a viable alternative in the future.
When it comes to other altcoins, Bitcoin is the one that is most used for day-to-day transactions. As a result of this, efforts are steadily being put into place for it to become more mainstream. Not only that, but 10 years ago, there were very few people who would have thought it possible to pay for a cup of coffee with a digital currency.
Study: Ethereum Is the Best Investment Option
Interestingly, Smith’s comments follow that of a recent study conducted by New York-based law firm Foley and Lardner.
Yesterday, it was reported that a survey found that 38 percent of respondents thought Ethereum was the best investment option. This is compared to 35 percent indicating Bitcoin was. However, when it came to which crypto asset was more likely to be accepted as a payment option, 43 percent said Bitcoin, with Ethereum at 17 percent.
Which do you think is the best investment option? Let us know in the comments below.
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