Wall Street Bitcoin King Defends Crypto Against CNBC FUD

A recent interview on CNBC has sparked a lot of comments, where a Wall Street Bitcoin king known as he head of a trading firm defended BTC against the CNBC FUD. The latest cryptocurrency news feature this interview where the interviewer shot a string of arrows with a mission to burst the so-called Bitcoin price bubble.

However, Bart Smith, who is the head of digital assets at Susquehanna International Group, a Pennsylvania-based trading firm – discussed what drove Bitcoin up 145% year-to-date. Even though he admitted that it was difficult to narrow down the price rally into specific factors, Smith noted that the root of Bitcoin’s performance in 2019 mainly relied on optimism.

The Wall Street Bitcoin king said:

“There is a tremendous amount of optimism about US brokerages — particularly online brokerages offering bitcoin to retail customers in 2019. No one has come out and said that openly; but there is a lot of talk about that, which is making people buy bitcoin ahead of that new investor demand.”

The interview was also uploaded to YouTube.

Furthermore, the Wall Street Bitcoin king (which is his new nickname) ventured into the macroeconomic factors such as the trade war between US and China. He also reminded the CNBC hosts that the escalating economic tensions between the superpowers were what pushed the value of the Chinese yuan to its six-month low. This devaluation alone could have influenced the Chinese investors to dump the capitally controlled yuan for Bitcoin which in contrast remains an open and decentralized asset for trading and ownership.

The statement of Smith (the Wall Street Bitcoin king) was re-shared by many best cryptocurrency news sites. He further clarified:

“Much of the rise of bitcoin in 2017 came out of Asian countries like South Korea and China that have capital controls. Many people might be devaluing their currencies which makes bitcoin either a hedge or an outright way to get capital outside that country.”

On the question of Bitcoin’s lack of liquidity and abundance of volatility, Smith asserted that it was necessary to judge the cryptocurrency based on its workings in the regulated space.

“I look at the regulated exchanges for real volume…look at the U.S. futures which are trading between 100 and 200 million dollars of value every day. And, in its most recent rally, they have been trading like $600 million. I think that is where institutional investors are going to find liquidity, or even in exchanges that are regulated by the U.S. authorities,” the Wall Street Bitcoin king concluded.