Roger Ver is still bullish on Bitcoin Cash despite its steady decline in price over the month going into yesterdays hard fork.
“Bitcoin Jesus” Still Bullish on Bitcoin Cash
Roger Ver appeared on CNBC’s Fast Money yesterday to talk up Bitcoin Cash (BCH) where he said: “I’m incredibly bullish on bitcoin cash for the exact same reasons I was bullish on bitcoin back in 2011.” Sometimes referred to as the “Jesus of Bitcoin” as he was one of the first investors in the digital currency, Ver now endorses Bitcoin Cash which he says was developed specifically for transactions.
Bitcoin Cash was forked from Bitcoin last year by a group of developers who recognized upgrades in the original software could improve the coins transaction efficiency. Referring to Bitcoin as Bitcoin Core Ver said the software is “slow, expensive and unreliable.”
Ver who is CEO of Bitcoin.com a website which guides investors in the cryptocurrency market told the host of Fast Money that innovative business are being built with Bitcoin Cash in mind “because it actually works.” He continued on the show to say:
“All of these existing businesses are building their new products on top of bitcoin cash, the economic path that bitcoin cash is on is the one that lead to bitcoin’s original success,”
BCH Hard Fork Brings no Relief From Sliding Price
Bitcoin Cash beat other large-cap currencies in the last month like Ethereum and Bitcoin to be the best performing coin even though it has been on a steady decline leading up to the May 15 fork.
Trading at a low today of $1,250 according to livecoinwatch.com, BCH is down considerably from its recent high of $1,754 on May 6 but still almost double it’s April 17 low of $763 when Brian Kelly of BKCM said it would make a comeback within the year.
Tuesday’s hard fork introduced several changes to the network which included an increase of the maximum block size to 32 MB which allows as many as 61 transactions per second to occur. However it didn’t generate an uptick in price during the lead up to it.
Just the opposite has happened in fact, BCH has lost around 12% in the 24 hours since the fork. Why? Because this latest fork offered no benefits to those who already own BCH. Traditionally a fork would reward currency holders by doubling their amount of equivalent coins. Holders would retain their original investment and receive the same amount on the new blockchain. With this fork, holder’s coins will simply be moved to the new blockchain at the same value.
Ver isn’t put off by Tuesday’s decline though and has even predicted that Bitcoin Cash will double in price by years end. As he told CNBC;
“That’s what actually gives it it’s underlying value, that you can use it in commerce to pay for things. Whereas, a lot of these other tokens out there just kind of turn into speculative assets that don’t actually have any utility.”