CNBC's Brian Kelly, founder and CEO of crypto investment firm BKCM, says that he sees the recent Bitcoin Cash (BCH) miners’ discussion about a proposal to fund BCH development through donation of a portion of mining rewards as the next catalyst for BCH to break out to the upside.
On Monday, 21 May 2018, in the Fast Money show, there was a roughly five minute segment about Bitcoin Cash (BCH) which seemed perhaps a bit overly bullish (to put it very mildly). It all started with royal fanfare music being played, while the upper third of the screen displayed the headline “Bitcoin Cash Reigns”, the middle portion displayed how much Bitcoin (BTC), Litecoin (LTC), and Ripple had dropped during the past month, the chyron (lower third) displaying the text “Bitcoin Cash to Moon?”, and the host Melissa Lee explained how BCH had outperformed all of these three cryptocurrencies to take the “crypto crown.”
Then, Brian Kelly was asked to explain what he believed was the catalyst that would “send the cryptocurrency even further down the path of domination.”
Kelly explained that that miners of BCH had gotten together a couple of days earlier (19 May 2018) and proposed a development fund, which means that they would take some of the mining rewards (probably between one and five percent) and put it into a fund to “build stuff on top of Bitcoin Cash,” which he believed was important because “that’s how blockchains get value”. He went on to explain that although BCH was not alone in using this tactic, further development of the BCH protocol could result in more use cases; he noted that “usefulness translates into value,” which could be “a positive for Bitcoin Cash.”
Kelly did warn that this meeting of the BCH miners also had another significance in that it highlighted the “centralization of the miners,” which of course, in the crypto world, could be viewed by some/many as a negative.
Kelly was then asked to answer some questions via Twitter from the viewers. The funniest question was “Are you Roger Ver?” Kelly confirmed that he was not Roger Ver (a controversial figure in the crypto space who has the nickname “Bitcoin Jesus”) and that he had no connections with Roger Ver.
Finally, the host of the show, Melissa Lee, said that, despite many accusations via Twitter, they were not “on the take to promote a certain cryptocurrency” and not paid to promote anything on the show. Of course, if Fast Money did not go overboard in their enthusiasm sometimes — as with Monday’s show where they crowned BCH king of the crypto world just because, according to them, it had gone up 6% over the past month, or by using the words “Bitcoin Cash is a must-own” in the title of their article about this segment even though when you watch the 04:51 minute embedded video you never see Brian Kelly say “must-own” — it is possible that they would be making some of these complainers a bit less angry.