Internet entrepreneur Vinny Lingham has projected that in the future bitcoin cash will overtake bitcoin as demand for it surges.
Speaking to CNBC’s ‘Fast Money,’ the co-founder and CEO of Civic, an identity protection and management startup, said:
Bitcoin and bitcoin cash are focusing on two totally different markets right now.
Lingham who has been nicknamed the ‘Bitcoin Oracle’ due to his spot-on predictions about the number one digital currency, added:
When I look at it from the product standpoint, I think the greater demand is for peer-to-peer cash than for digital gold.
When it comes to either buy, sell or hodl bitcoin, ethereum, bitcoin cash, or litecoin, Lingham recommends holding bitcoin and ethereum, buying bitcoin cash, and selling litecoin.
Talking about litecoin, Lingham said:
I don’t see the big difference between litecoin and bitcoin for example. It’s the same technology. It’s just mined with a different algorithm that’s all, so I’ve never been really excited about litecoin itself.
In Lingham’s opinion bitcoin is a better choice for investing in whereas bitcoin cash is becoming commonly used for faster payments.
Since the beginning of 2018 the crypto market has been experiencing a slump in prices. This has been seen most notably with the value of bitcoin. Last month, the number one cryptocurrency was trading near $20,000 for the first time amid heightened interest from investors. However, January is proving to be a difficult month for it as it struggles to regain highs above $11,000.
According to CoinMarketCap, bitcoin is currently trading at $10,841. Over the past 24 hours it has dropped in value by 3.57 percent. Fourth-placed bitcoin cash is valued at $1,582, with a decline of 3.49 percent in a 24-hour period.
Increasing pressure from global authorities is impacting market prices as the debate about regulations continues. South Korea has already said that it plans to tax digital currency exchanges and will ban anonymous crypto trading accounts by the end of January. If traders wish to continue trading they will require real-name bank accounts.
Yet, even though market prices remain low some think this is a great opportunity. According to Brian Kelly, portfolio manager of the BKCM Digital Asset Fund, he said:
Now, when everyone is saying … it’s over, that’s it, bitcoin is dead, for the 175th time. Now’s the time you start looking at it, on the buy side.