Brian Kelly, CNBC contributor and founder and CEO of BKCM LLC, has recently spoken out in favor of Bitcoin Cash. Kelly told viewers in the segment ‘Fast Money’ that some BCH miners had held a discussion on Saturday to brainstorm ideas for a BCH development fund. The course of action they are planning to take includes deducting a certain amount from their mining rewards, which will then be used by the fund to strengthen the cryptocurrency.
That’s how blockchains gain value. You’re going to be getting more use cases to the extent that usefulness translates into value. That could be a positive for bitcoin cash. That’s a place I want to buy.
Kelly has always been supportive of cryptocurrencies; he even launched a digital currency investment firm BKCM LLC in 2013. Earlier this month, Kelly said that Bitcoin is unstoppable and can’t be ignored, “When I would go to events like this in years past, you would kind of dismiss bitcoin. But it’s been brought up several times at this conference and taken quite seriously. And I think you have to with a market cap at half a trillion dollars.” He also explained that contrary to popular belief, Bitcoin is a currency and not a security.
Kelly also launched an exchange-traded-fund (ETF) to support various blockchain startups. “When I look at the investment landscape, to me blockchain and cryptocurrencies are a once-in-a-lifetime investment opportunity … if I look at every other asset class, to me the most attractive investment is blockchain and cryptocurrency. The growth is explosive [and] the potential is enormous,” said Kelly.
At the time of writing, all of the top 10 cryptocurrencies are in the red. Surprisingly, BCH has dropped by 5.78%, the highest of all, and is currently valued at $1,175.77. Bitcoin Cash’s market cap is $20 billion compared with Bitcoin’s market cap of $140 billion.
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