Brian Kelly cryptocurrency portfolio manager has been applauding Bitcoin Cash for weeks, and he is still increasing his confident praise. Bitcoin Cash surpassed other major cryptocurrencies in recent weeks.
Over the last month, the Bitcoin Cash price increased to 6% compared to Bitcoin, Litecoin and Ripple’s respective slump of 5%, 9%, and 11%.
Kelly, who is the founder of investment firm BKCM, is of the opinion that Bitcoin Cash has more potential to increase and he stated the promoters for the bullish viewpoint.
“Proposed development fund”
“Could give cryptocurrency more use cases”
“Highlights centralization of miners”
To explain each of the promoters, Bitcoin Cash miners recently released a new development fund that will be covered by a percentage of the reward they obtain from developing new coins. The funds in the new portfolio will go towards the development of new technology “on top of Bitcoin Cash,” Kelly stated going further to add that it’s similar to an App Store for the blockchain.
“That potentially could give value to Bitcoin Cash,” said Kelly, adding that it’s not the only blockchain project doing something like this.
The development fund gives way to the second promoter which sees developers using new blockchain technology to develop more use cases for bitcoin cash. “To the extent that usefulness translates into value, that could be a positive for Bitcoin Cash,” he said.
The subsequent development fund mirrors “centralization of miners,” which according to Kelly oppresses the trend for cryptocurrencies. Eventually, this could result to be a negative move but presently, the mission behind the development fund seems to be a good one.
Looking at the market, Kelly cites an uptrend in BCH that’s supported by the fact that is has been able to maintain support. The technical for BCH backed with the promoters he discussed resulted to his bullish call: “For me, that’s a place that I want to buy,” he said.