Brian Kelly turned out optimistic about Bitcoin Cash (BCH) ON CNBC May 21. He is the founder and CEO of BKCM LLC which is a crypto investment firm.
This sentiment came after a meeting of Bitcoin Cash miners met on Saturday. The main agenda of the said meeting was to try and look for ways to finance BCH development. A proposal that was put across is for excavators to donate a part of the rewards they earn from mining and collect it into a fund that will help grow the Bitcoin Cash.
He said that that is the way blockchains created value. He went further to indicate that this route was not only being used by BCH but others too. He indicated that more use cases would hence be created by the development of the BCH fund. According to him, this would be good for Bitcoin Cash because the usefulness created would be turned into value.
In his explanation, Brian Kelly showed by use of charts that both Litecoin and Bitcoin were in the last month outperformed by BCH. Through his digital charts, he was able to show how the BCH had been able to reach a top of $1800 in early May from $600 in mid-April.
However, the price has been on a decline since early May and in the last 24hr time-frame, it has lost about 5.8% that is from $1290 to $1205. Even though the BCH seemed to have lost quite a bit it is still significantly higher compared to its price in mid-April.
The spike in the BCH price was as a result of two issues. The most significant one being the hard fork that the Bitcoin Cash experienced on May 15 and the Consensus 2018. The price jump that touched $1800 is most likely to have been caused by the anticipation of the hard fork planned block size increase to 32mb. While it is probably one of the reasons it cannot be claimed to be the only reason.
Even though the market bore losses through the consensus week the prices seem to have stayed fairly firm.
