The price of Bitcoin (BTC) is at its lowest since October 2017 despite various bullish predictions for the end of the year. But this is the case with the live market – it can be completely unpredictable at times.
It takes nerves of steel and plenty of dedication to keep it cool while watching your investment going red.
Bart Smith, aka “Crypto King”, digital asset head at Susquehanna trading and technology firm, spoke about his outlook on Bitcoin in the middle of the market crash.
During an episode of CNBC’s “Fast Money” Smith expressed that “every great idea is volatile” and Bitcoin is a “long game”.
“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.”
Smith commented on the market crash, suggesting that the cryptocurrency market is still too small to handle sudden sell-offs. He also attributed the lack of institutional investors to the difficulty in entering it.
“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.”
There were quite a few bullish predictions for 2019, many of them involving the institutional investors. Time will tell if any of them were accurate.
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