CEO of bitcoin.com Robert Ver, who was once named “bitcoin Jesus”, said he is “incredibly bullish” on bitcoin cash.
Bitcoin cash (BCH) was established in August 2017 as a hard fork of bitcoin – the world’s biggest and best-known cryptocurrency.
Created by miners after disagreements within the bitcoin community over limiting the number of transactions, bitcoin cash aims to provide a fast, cheap way of sending money across the globe.
Mr Ver told Bloomberg News that bitcoin core is still up in price despite facing a decline following its December high.
Bitcoin cash: CEO Robert Ver said he is “incredibly bullish” on bitcoin cash price
I am more bullish about bitcoin cash than I have been about bitcoin core before
Mr Ver said: “It’s up about 300 per cent from a year ago so investors that have held for more than a year should be absolutely ecstatic.
“The volatility is half the fun of the ride so it is an exciting brand new technology, new to the world, cap is still relatively small so things are just getting started.”
He added: “But today I am more bullish about bitcoin cash than I have been about bitcoin core before it split to the two because it is actually getting adoption all around the world more and more merchants are accepting it, it is easier to use.”
Mr Ver said bitcoin cash is a “powerful technology”. He added: “If you can see that it is useful in commerce, the long-run trend is for the price to go up.
“Yes, there is a lot of volatility from day to day but the long-run trend is going to continue to be up in regards to bitcoin cash because it is useful in congress.”
While bitcoin cash is a lot like its parent crypto, there are a number of key differences.
These include an increased block size and no SegWit integration – the controversial upgrade that was added to bitcoin to enable more transactions to be processed.
Bitcoin core price is at $6,858.68 at 10:51am on Monday, January 22, according to CoinDesk. It saw its highest value before Christmas when it reached the monumental price of just under $20,000.
Whereas bitcoin cash has increased 2.91 percent to $652.83 at 10:50 on Wednesday, according to CoinMarketCap.
The Bank of America Corp claimed that the greatest bubble in history is currently in the middle of a creeping “pop”, while Chief Investment Strategist Michael Hartnett wrote in a note Sunday that the cryptocurrency has fallen more than 65 percent since peaking in December at $19,511.
DeVere Group’s founder and chief executive, Nigel Green, claims that crypto values went “too high, too fast” adding ”investor sentiment appears to have considerably changed in the first quarter of 2018.”
Mr Green argues that the price rises were “unsustainable”, adding that, “at the time I urged caution, saying an asset that goes almost vertically up should typically raise alarm bells for investors.”
He said: “Arguably, even before the frenzied peak in December, when the price of one bitcoin reached an all-time high of more than $19,000, the market was beginning to become frothy and overheated.”
Bank of England Governor Mark Carney has also been highly critical of cryptocurrencies. He said it is a “privilege” to be part of the financial system and “responsibilities come with those privileges”.
Mr Carney added: “The best of the cryptocurrencies, I would suggest, will gravitate to the best of the exchanges if they were regulated. And others will fall by the wayside.