Bitcoin’s Resilience Amid Market Turmoil
Bart Smith, the head of digital assets at Susquehanna, took center stage during a recent episode of CNBC’s Fast Money. He expressed unwavering faith in Bitcoin (BTC), even as the cryptocurrency teetered at its lowest levels since October 2017. Let’s be real—if Bitcoin were a person, it would have just been dumped but still be declaring its devotion, waiting for a second chance.
The Crypto King’s Perspective
Known affectionately as the “Crypto King,” Smith emphasized that investing in Bitcoin is a “long game.” This didn’t come as a shocker—after all, every great idea comes with its own set of dramatic highs and lows. Think of it like dating someone who calls you their ‘everything’ while stubbornly ignoring all the red flags.
Bitcoin’s Original Purpose
Smith was quick to clarify that while mainstream financial markets might categorize Bitcoin as merely another asset class, it was never intended to be just that. He mentioned, “The desire to have a non-sovereign form of currency has existed forever.” In fact, Bitcoin emerged from the ashes of the 2008 financial crisis, kind of like that phoenix everyone loves to talk about, but with a slightly glitchy flight path.
Market Dynamics: A Capital Challenge
Analyzing the recent volatility, Smith pointed out a major roadblock: the crypto market’s current inability to handle sudden sell-offs. This year’s spectacular crash was triggered by the “juvenile” antics surrounding the Bitcoin Cash (BCH) hard fork, which sounds like the title of a not-so-great sitcom, doesn’t it? He added, “The on-ramps for new capital are very difficult… if you’re a global institution, it’s still very difficult for you to buy Bitcoin in the way you’d like.”
Looking Ahead: What Lies Beyond?
As we gaze into the critical year ahead, with central banks grappling to stabilize economies across the U.S. and Europe, Smith’s long-term outlook is inspiring—he believes Bitcoin will find its footing. After all, the supply cap on Bitcoin is set to culminate only in 2140, which gives a whole new meaning to “patience is a virtue.” While Wall Street’s own Tom Lee heralds the forthcoming institutional participation with platforms like Bakkt, Smith continues to underline the importance of resilient structures in the crypto world.
