Bitcoin cash is the cryptocurrency that should be owned at the moment, according to a hedge fund manager who once said he’d put 90 percent of his money into digital currencies.
Brian Kelly, founder of BK Capital Management, who runs the BKCM Digital Asset Fund, was speaking on CNBC’s ‘Fast Money‘ yesterday when he made these comments. During the show, he explained that bitcoin cash miners had met to talk about the creation of a development fund for the 4th most valuable altcoin.
He went on to say that the miners would take some of the rewards they receive from the mining they do and put that toward a fund that will enable developers to create stuff on top of bitcoin cash, adding:
“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. That’s a place I want to buy.”
At the time of publishing, the altcoin is trading at $1,182, representing a near six percent decline in the past 24 hours. Over the last seven days bitcoin cash has dropped by nearly 17 percent, according to CoinMarketCap. To date, the highest level it has reached was over $4,000 mid-December, at a time when the crypto market was undergoing a rapid surge in value.
Since then, and as with the rest of the market, its price has dropped considerably. Interestingly, during the recent Blockchain Week New York, many cryptocurrency enthusiasts were expecting the industry to rally back. Tom Lee, co-founder of Fundstrat Global Advisors, was one such individual who projected that this would happen. Prior to the conference, Lee stated that bitcoin was set for a major rally. However, during the event the currency failed to raise above the $9,000 mark, with the market losing up to 10 percent of its value.
Regardless of this, Lee remains optimistic about where the market is heading, and is even more bullish on bitcoin after the conference. Kelly, who has admitted to putting 90 percent of his money into cryptocurrencies, is of the opinion that bitcoin will reach $25,000 by the end of the year. He also thinks that bitcoin will reach $36,000 by 2019.
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