By
Bena Ilyas
April 25th, 2024
The offshoot of Bitcoin is one of the top cryptocurrencies of the world, but its commercial use casts a shadow over its successful future. But even when things go wrong, BCH remains supported by one of the most famous crypto investors.
Being a Bitcoin Cash proponent is not that easy when the use of the cryptocurrency in commerce is steadily declining. Little things like that do not matter for Roger Ver. This Bitcoin angel investor also known as Bitcoin Jesus is a fierce defender of the offshoot of the world’s top cryptocurrency. Nevertheless, even Ver’s reputation for accurate early crypto predictions seems to be worthless this time as his words do not coincide with reality.
Bitcoin Cash is one of the youngest top cryptocurrencies: its history is barely one year. It did not take too long for BCH to become popular and get listed on main crypto trading platforms like Robinhood. This crypto takes the 4th place by market capitalization with over $1.9 billion result. The number may be impressive, but it is just 8% of the current Bitcoin volume. The recent stats show that Bitcoin Cash is experiencing hard times. In March BCH payments reached the $10.5 million height. Over time the picture has changed: just two months later the amount of payments in Bitcoin Cash plummeted to $3.7 million.
The supporters of Bitcoin Cash may blame it on the market tendency, but facts are stubborn thing. Certainly, most of the major cryptocurrencies have lost their positions. The value of Bitcoin has dropped by about 55% – while Bitcoin Cash crushed by 75 percent. The problem of this cryptocurrency is its extremely low level of commercial adoption.
A number of explanations can be given to the current situation, but the point that cannot be excluded is the questionable ownership of Bitcoin Cash. More than half of all the BTC volume – 56% to be precise – is controlled by 67 wallets. None of the wallets are located on exchanges. This situation cast doubt on Ver’s optimistic prediction of Bitcoin Cash doubling its price by the end of the year. However, this crypto celebrity has already proved his ability to make accurate long-lasting predictions.
Ver has made a number of meaningful public gestures towards Bitcoin Cash. He initiated the switch of focus of Bitcoin.com towards BCH. Even though this crypto is suffering now, the crypto enthusiast is not ready to give up. In his Twitter he has recently shared some provocative ideas like: “Those who buy BTC while thinking that it is Bitcoin are making a mistake. The real Bitcoin is BCH, Bitcoin Cash.” or “If you follow the herd, you’re loading up on Bitcoin (BTC). If you think for yourself, you’re loading up on Bitcoin (BCH).”
One of the points that help Ver to defend his position is the fact that BCH is now running thin with the Lightning Network. However, the issue is rather controversial as number of LN nodes exccedes the number of Bitcoin Cash nodes. That means that Bitcoin may benefit more from the technology.
Roger Ver is a big name in the crypto sphere. His switch from Bitcoin to Bitcoin Cash and active support of the last one has caused all kinds of emotions. But only time can tell what it was: betrayal of the dominant cryptocurrency or a step ahead of the crypto community.