2018-8-3 00:34 |
Bart Smith, aka Wall Street’s Crypto King, went on CNBC’s Fast Money recently and gave positive predictions for the future of Bitcoin. Smith, who is head of digital asset at Susquehanna, appears to not be troubled by Bitcoin’s recent downturn nor the recent denial of the proposed Winklevoss Bitcoin ETF by the SEC.
Smith attributes much of the recent Bitcoin price rally from $6,800 to $8,400 to hype surrounding the proposed Winklevoss Bitcoin ETF. However, given that the ETF was denied, the fall back down to $7,500 was to be expected.
“If [Bitcoin] continues to hold at $7,500 and bounces higher, I think its very bullish,” says Smith. The technicians I talk to are very concerned about $6,800. That’s the level I think if it breaks through it would be negative.”
Wall Street's #crypto king Bart Smith sees these as the next key levels for #bitcoin as it tumbles below $8k pic.twitter.com/QbJY2Goh5X
— CNBC's Fast Money (@CNBCFastMoney) August 1, 2018
Regarding the Winklevoss Bitcoin ETF, Smith looks at the glass half full and draws attention to the lone dissenting member in the SEC vote, Comissioner Hester ‘Crypto Mom’ Peirce, who has publicly expressed her criticisms of the SEC decision on Twitter. Smith believes the support for Bitcoin ETFs by Peirce played an important role in keeping Bitcoin’s price from falling below $6,300.
“I think big institutions are looking on the dance floor and nobodies dancing, and no one wants to be the first person out there.”
When asked how to bring on the bull market, Smith once again emphasized the need for large financial institutions to begin lending their support to the cryptocurrency marketplace, including qualified custodial services and banks that are willing to clear crypto futures. He also suggests a bull run could be triggered if a big-name insurance company begins allocating even as little as 1 percent of their portfolios to Bitcoin. According to Smith, studies have shown that this would serve to lower a portfolio’s risk profile.
On the whole, Smith thinks Bitcoin is ready for its next bull run, and while regulation is still needed, it shouldn’t be standing in the way of institutional investors entering into the space.
“[The bull market will come] as soon as institutional investors begin thinking of bitcoin like that, and not as this scary thing that needs to be regulated. It’s about smart regulation, not more,” said Smith.
Smith concluded the interview by reminding cryptocurrency supporters to stay patient and keep in mind that this a “long game”.
The post Wall Street’s Crypto King to CNBC: Institutions Are Afraid to Be the First Investor in Bitcoin appeared first on UNHASHED.
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