News

Investment Firm Manager Brian Kelly Thinks Bitcoin Cash Is A Solid Buy

Brian Kelly, the founder, and CEO of BKCM LLC, an important investment firm in the cryptocurrency market, has talked about how he thinks that Bitcoin Cash, a bitcoin hard fork (that is, a modification) is a solid choice of investment, yesterday on CNBC’s Fast Money. And he also gave the reasons why.
Bitcoin Cash, as we said before, is a hard fork of bitcoin. This means that it is a currency that takes a part of the code of bitcoin, and on top of it, it makes modifications to add or improve certain conditions. Bitcoin Cash has made some interesting modifications that deal with the bitcoin scalability problem in their own way.
Brian explains three reasons why Bitcoin Cash is a great way of investing right now: first, the Coingeek Conference held in Hong Kong reunited the Bitcoin Cash mining community and it was proposed that a percentage of the mining rewards (the part that miners get as earning for running the network) could be used to fund development projects on top of the Bitcoin Cash Blockchain. This would boost development and innovation of applications that will use the Bitcoin Cash network for many use cases.
The second reason is derived from the first one: clearly, with more applications built on top of it, there will be more use cases for that cryptocurrency. From an adoption standpoint, it could make the userbase for that particular cryptocurrency grow; and from a trading standpoint, the growth in the userbase could determine a price rise.
The third reason lies in miner centralization: Bitcoin Cash miners can be viewed as a centralized benevolent “cartel” that is determined to make things work, even by investing part of their profit to fund the development of the cryptocurrency. This shows that the miner community is indeed compromised with the growth of the network.
Brian also stated that from a trading standpoint, Bitcoin Cash has held the support that was achieved before and that is now in a slight uptrend. All of this makes this time very favorable to invest in Bitcoin Cash right now. Still, today Bitcoin Cash has followed a downward trend an has sink 10% to reach $1054, according to Coinmarketcap.

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Quarterback Star Tom Brady Breaks Internet After Showing Interest In Bitcoin

Tom Brady, the American athlete who is widely regarded as the “greatest” quarterback in NFL history is the latest celebrity to show interest in the world’s most valued cryptocurrency Bitcoin. Brady who has a massive Twitter following of 1.9 million…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Almost $200 Billion Worth Of Bitcoin Is Currently At Risk – Report Warns

A recently published 2021 crypto report by Opimas LLC, a finance-based management consultancy firm, has revealed that approximately 3,480,000 out of the world’s mined 18.5 million Bitcoin, stands vulnerable to attacks as a result of improper safekeeping. The 36-page report…