Brian Kelly: Bitcoin Cash Could Go Up Following More Use Cases
Brian Kelly is Founder and CEO of BKCM LLC, an investment company centered on digital currency. He is the portfolio manager of the BKCM Digital Asset Fund. Brian is the author of “The Bitcoin Big Bang – How Alternative Currencies Are About to Change the World.”
Before BKCM LLC, Brian was Co-Founder and Managing Partner of Shelter Harbor Capital LLC and manager with the Shelter Harbor Capital Global Macro Hedge Fund. Also, Mr. Kelly was a co-founder and President of MKM Partners, a brokerage firm catering institutional investment managers.
Brian gives money management services to a select clientele and counsels on digital currencies.
According to CNBC Brian Kelly came out bullish on Bitcoin Cash (BCH).
On Saturday, BCH miners allegedly had a meeting dedicated to financing for a BCH development fund. Miners are hoping to allocate some part of the reward they get from mining and invest it to expand the BCH ecosystem, Kelly clarified. The fund advancement could help the fund development could be the advancement of the cryptocurrency’s value. He proceeded:
“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.”
After the price surge to $1600 on May 5, BCH consequently declined to the 50-day SMA and formed a head and shoulders trend, which has a target of $650. In the course last 24 hours, BCH has lost very nearly 5.8 percent in price, from $1290 to $1205. Still, it is valued higher than its April level of $760.
BCH is shared digital currency set up in mid-2017 because of the hard fork of Bitcoin that occurred to take care of the versatility issue. With advanced consensus rules, BCH can develop and grow the measure of blocks, enabling more transactions to be processed.
Prior to this month, the expert Bitcoin community dropped its aim to level a claim at the site Bitcoin.com. People were offended that the crypto and wallet service, which is controlled by BCH evangelist Roger Ver seemed to be misleading buyers by muddling the distinction between BTC and BCH.
