Bart Smith, head of the digital asset group at Susquehanna International, explained the Bitcoin price fluctuation Friday on CNBC’s “Squawk Box.”
The asset class is being driven by headlines right now, he added.
The smart people in crypto are paying attention to the “massive investments” being made in various cryptocurrency exchanges and platforms, Smith said. There are big-name companies making these investments in crypto, he noted.
“Across the board, you look at those numbers and you say, ‘man there must be something going on, maybe I should get back in,'” Smith said.
For those who have alternative payment methods and live in a relatively stable place such as the U.S., Bitcoin doesn’t seem to be a necessity, he said. In much of the rest of the world, Bitcoin “makes a tremendous amount of sense,” he emphasized.
Related Link: Global Crypto Users Doubled To Reach 200 Million In Just Four Months: Report
“There are a lot of things that are complicated about Bitcoin. The inflation rate is not one of them,” Smith told CNBC.
At the current mining rate, all available Bitcoins are expected to be mined sometime in 2140.
Photo by Darwin Laganzon from Pixabay.
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