Bitcoin Cash Gets Positive Outlook from Investment Firm

May 24, 2018 at 23:15

Brian Kelly, the founder and chief executive officer of BKCM LLC, an investment company focused on cryptocurrencies, expressed positive sentiments for Bitcoin Cash (BCH) and its likely value in the future.

In an interview by CNBC, he noted the reported meeting of BCH miners’ plan to create a development fund by allocating some part of the reward they receive from mining and invest it to expand the ecosystem of 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,” Kelley claimed.

Created in mid-2017 as a result of the hard fork of Bitcoin to solve the scalability problem, the digital currency has upgraded consensus rules and increased block sizes to allow more transactions to be processed compared to the flagship cryptocurrency.

Early this month, BCH’s price surged to as high as $1,600 compared to its price level at $760 in April.

As of this writing, it is valued at $1,188 per token with a market cap of $20,366,227,028.