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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.

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg, Equities.com, Hacked.com, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.

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