Bitcoin cash often goes overlooked relative to bitcoin, but at least one cryptocurrency market expert believes the former is the place to be among digital currencies.
Brian Kelly, who is founder and CEO of BKCM, an investment firm focused on digital currencies, “said Monday bitcoin cash is the must-own digital currency of the moment,” reports CNBC. “On Saturday, bitcoin cash miners met to discuss funding for a bitcoin cash development fund, he told CNBC.”
As of this writing Tuesday, Bitcoin cash has a market capitalization of $19.86 billion, making it the fourth-largest digital currency behind bitcoin, ethereum and ripple.
“Bitcoin Cash brings sound money to the world, fulfilling the original promise of Bitcoin as 'Peer-to-Peer Electronic Cash.' Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development,” according to BitcoinCash.org.
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“In the fund, miners are "going to take some of the rewards they get from mining and put it in a fund to build stuff on top of bitcoin cash," Kelly said in an interview with CNBC.
Kelly is a note cryptocurrency market expert and he recently introduced an actively managed exchange traded fund (ETF) dedicated to companies with exposure to blockchain technologies. The REX BKCM ETF (NYSEArca: BKC), which is a partnership between Rex Shares and BKCM Funds, debuted last week.
“Bitcoin probably won’t be the only winner. There could be plenty of winners as this new world unfolds—among cryptocurrencies, hardware makers, and businesses that learn to capitalize on the blockchain,” said Kelly in a recent blog post.
Kelly manages a long/short hedge fund focusing on Bitcoin, Ethereum, Stellar, Monero, Litecoin, and other digital currencies.