CEO of the cryptocurrency investment company BKCM LLC and an outspoken advocate of digital currencies Brian Kelly expressed a bullish sentiment on Bitcoin Cash (BCH) while speaking on CNBC. In a short segment in the Fast Money show, Mr. Kelly showered BCH with continuous praise and explained why it is a cryptocurrency he is willing to buy and hold.
The explanation is two-fold and really straightforward. The first part of it is that BCH has outperformed other major virtual currencies such as bitcoin, ripple or ethereum in the last month. That is indeed correct as its value has doubled since the low of almost $600 in mid-April.
However, the price had tripled at the start of May, almost breaching the $1800 mark on the 7th. It has steadily declined since then and BCH is trading at $1182 at press time, has decreased by 6% over the last 24 hours.
The second reason to be bullish about BCH is the new fund started by its miners. Reportedly, BCH miners met on Saturday and agreed to allocate some of their rewards to the fund that will be used to expand and improve the ecosystem of BCH.
According to Mr. Kelly, this could ignite another rally for the BCH price, as “That’s how blockchains gain value. You’re going to be getting more use cases to the extent that usefulness translates into value. That could be a positive for bitcoin cash.“
BCH has been going through a curious period lately as two major factors impacted its price spikes. We have already reported on the hard fork of BCH that has quadrupled the block size to 32MB among other notable changes. The BCH price spike to $1800 was likely in anticipation of it, although it started declining way before the deadline and dropped further as the hard fork was implemented.
Another significant event was the annual gathering of the crypto sphere in New York at the Consensus 2018. While the majority of crypto bulls and traders, in general, expected a price spike for most digital currencies during the conference, the crypto markets suffered another slump, with BCH losing around 15% or $200.
Bitcoin Cash has also been a subject of controversy as prominent BCH evangelist and Bitcoin.com owner Roger Ver appeared to be intentionally deceiving the website users by masking the distinction between Bitcoin and Bitcoin Cash and misleading buyers into acquiring the latter.
Following the community outrage, bitcoin.com made the necessary changes to the website in order to avoid legal action. A group within the bitcoin community have started an initiative to gather donations for a lawsuit against Mr. Ver, however, it has since been canceled as only $3700 in BTC was raised.
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I have been following the crypto markets since mid 2017, just in time to witness the incredible surge of the digital asset industry. Fascinated by the potential of blockchain technology I’ve started to dig deeper and that’s how I ended up meeting the Toshi Times team. I hold a Political Science degree, therefore the crypto regulation development is particularly interesting for me. I’m also heavily involved with music, running my own label, a YouTube channel and working with distribution. People call blockchain the ‘Fourth Industrial Revolution’ and I believe it will change our daily lives in the coming years and we will have the front row seats to witness it.