Susquehanna ‘Crypto King’ Bart Smith Believes In Bitcoin’s Long Term Success Despite Current Slump
Bart “Crypto King” Smith is a faithful follower of Bitcoin. As the Susquehanna digital asset head, he sat down with CNBC’s “Fast Money” segment yesterday to speak about his stance and his believe in Bitcoin, never wavering in the fast of a market crash.
Bitcoin has reached its lowest low since this time last year, but Smith believes that this was “a long game,” even noting that “every great idea is volatile.” Even though there are plenty of mainstream businesses that have treated Bitcoin and the crypto assets of the market an “asset class,” that was not the intention at the start.
Convicted, Smith said,
“The desire to have a non-sovereign form of currency has existed forever. Remember, [Bitcoin] came out of the depths of the  financial crisis, let’s see what happens next year. Let’s see if central banks in the U.S. and Europe can unwind this thing successfully and then see what people want to own.”
As he examined the recent fall taken by the market, Smith believes that there isn’t enough capital in the crypto industry to “absorb” the unexpected sell-offs. A perfect example is the result of Bitcoin Cash’s hard fork last week, which Smith believes was a “juvenile” conflict.
“The on-ramps for new capital is very difficult […] if you’re a global institution, it’s still very difficult for you to buy Bitcoin in the way you’d like […] [for example] at Fidelity, or Bank of America.”
Without the on-ramp, the subsequent lack of volume, liquidity, and volatility weakens the environment, leaving it unable to maintain their confidence. Smith brought up Satoshi Nakamoto, infamous Bitcoin creator, and how he had envisioned finishing his supply in 2140 with his long-term vision.
Tom Lee, a bull on Wall Street, held a similar opinion of the role that institutional investors and firms play, bringing up Bakkt. Bakkt is a digital asset platform that was developed by the New York Stock Exchange operator, Intercontinental Exchange.
Smith brought focus to Fidelity as well, with their crypto business launch that will be a,
“secure, compliant, and institutional-grade omnibus storage solution for bitcoin, ether and other digital assets.”
Presently, as of 12:00pm on November 21st, CoinMarketCap reports that Bitcoin is trading at $4,482.45, losing just under half a percent in price in the last 24 hours. Compared with the 15% daily loss from just a few days ago, is it possible that Bitcoin’s plummet is finally leveling out?