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Bitcoin [BTC]’s price is not going to define its success, says Bart Smith

Priya

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Bitcoin [BTC] price is not going to define its success, says Bart Smith
Source: Unsplash

Bart Smith, Head of Digital Assets at Susquehanna International Group, spoke about whether there was a fundamental case for Bitcoin currently, taking into consideration that the store of value seems to be a hard case, in an interview with CNBC Fast Money.

Smith stated that Satoshi Nakamoto, the creator of Bitcoin, designed an algorithm for the very last Bitcoin to be mined in 2140, and that this was intended to be a long game. He further spoke about the previous price of Bitcoin during this timeframe. Smith stated:

“A year ago guess Bitcoin was at $8000. But the Thanksgiving before that, it was at $750 and the Thanksgiving before that, it was at $350 and in 2010 someone bought two pizzas for 10,000 Bitcoins, that today would be worth over $40 million.”

He went on to say that the price action from December 2017 up until now has been “pretty painful”. Nonetheless, he added that every great idea is volatile. For this, Smith quoted the example of Amazon, which went down by 95% and was declared dead by people. Smith further stated that irrespective of the price action, the idea of Bitcoin, to have a peer-to-peer non-sovereign, non-centralized store of value is something that has been desired by people for a long time.

Smith said:



“The price action from now until the end of the year where Tom Lee may or may not be wrong into next year is not going to define if Bitcoin is successful. The use of it has to explain”

Furthermore, he was asked about whether Tom Lee’s prediction about Bitcoin hitting $15,000 by year-end hurts the space. To which, Smith stated that he does not analyze price movements and that in his perspective, Bitcoin would fall somewhere between $19500 and $750, which would not turn out to be a good market. He further added that everyone in the world currently thinks of the cryptocurrency as an asset class even though it was originally not created to be one.

Smith said:

“For this [Bitcoin] to be successful user ship has to increase. It may or may not mean the price goes up. In United States it is difficult, like you know demo and American Express, is perfectly well for me. And so that was not necessarily what it was designed for but the desire to having our non-sovereign you know form of currency has existed forever and remember it came out of the depths of the crisis. Like, let’s see what happens next year.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin [BTC]: Binance’s CZ and Ryan Selkis try to predict BTC’s maximum value in the future

Akash Anand

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Bitcoin [BTC]: Binance's CZ and Ryan Selkis tries to predict BTC's maximum value in the future
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency has seen a surge in popularity again after the recent price increase. This movement was also helped by comments and suggestions from proponents and luminaries in the field of digital assets.

A recent tweet had asked Twitter users interested in cryptocurrencies about the “maximum reasonable price that Bitcoin can achieve in the reasonable future”, something which gained a lot of traction after the involvement of famous personalities like Changpeng Zhao and Ryan Selkis.

CZ, the Chief Executive Officer [CEO] of Binance, the world’s largest cryptocurrency exchange, answered the question by stating:

“There is no such a thing as Max price for $btc.”

He was also asked:

“Do you mean potentially infinitely high price of BTC or that in the near future goods and services will be priced in BTC and it won’t make sense to correlate it with USD?”

CZ’s reply was to the point when he claimed that there was no such thing as maximum inflation for fiat, a statement that a lot of people agreed with.



Ryan Selkis, the Founder of Messari had another opinion to the original question. He said,

“After $250k / BTC the dollar’s reserve status will be in jeopardy, so all bets are off.”

CZ and Selkis were not the first individuals to predict such positive movement as many in the past have predicted Bitcoin to reach heights of even $1 million per Bitcoin. At the time of writing, Bitcoin was trading at $7,967.54, with a total market cap of $14.21 billion. The 24-hour trading volume of the cryptocurrency was $21.04 billion, while the currency was holding a steady 0.45 percent increase in its value over the hour.





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