Robert Ver, the CEO of Bitcoin.com, famously said that he is ‘incredibly bullish’ on Bitcoin Cash, which was established last year, as a hard fork of Bitcoin. It is often compared to as a great alternative to Bitcoin Core.
It was created by Bitcoin miners, after there was a number of disputes over limiting the number of transactions with Bitcoin. Bitcoin Cash can provide a fast and cheap way of sending money globally according to its advocates.
Ver has spoken to Bloomberg News, where he discussed the fact that Bitcoin Core is still up, even though it faced a decline after it hit a high in December last year. He said;
“It’s up about 300 percent from a year ago so investors that have held for more than a year should be absolutely ecstatic. The volatility is half the fun of the ride, so it is an exciting brand new technology, new to the world, cap is still relatively small so things are just getting started…But today I am more bullish about Bitcoin Cash than I have been about Bitcoin Core before it split to the two because it is actually getting adoption all around the world more and more merchants are accepting it, it is easier to use.”
Although considered an alternative, there are a number of key differences between the two. There is an increased block size in Bitcoin Core, and no SegWit integration.
There are a lot of conflicting views within the financial sector when it comes to cryptocurrencies; the Bank of America Corp believes that the bubble is currently bursting, and Nigel Green, the chief executive and founder of DeVere Group believes that;
“[Crypto values] went too high, too fast…at the time I urged caution, saying an asset that goes almost vertically up should typically raise alarm bells for investors…Arguable, even before the frenzied peak in December, when the price of one Bitcoin reached an all time high of more than $19,000, the market was beginning to become frothy and overheated.”
Mark Carney, the Bank of England Governor, has also been on the critical side, saying;
“The best of the cryptocurrencies, I would suggest, will gravitate to the best of the exchanges if they were regulated. And others will fall by the wayside.”