Crypto Price: Video Shows Why Bitcoin Cash Advocates Don't Fear the Market
Roger Ver, a key advocate for Bitcoin Cash, is not worried about this week’s cryptocurrency price drop. The market dropped by nearly $30 billion in value over the space of 24 hours this week, but Ver said in a Thursday interview that the use cases for cryptocurrency paint a bright long-term picture.
Ver told EAK TV that “the price is the least interesting thing about these cryptocurrencies. The exciting things are what it enables people to do. It enables people to transact in commerce with anyone, anywhere, instantly, basically for free, and there’s nothing that anybody can do to stop.” He went on to say that it doesn’t matter if the market cap is “$10 million, $10 billion or $10 trillion” because people can still use it for this function. “If that happens, because the supply is limited, the price goes up in the long term.”
The cryptocurrency markets slumped to just $183 billion at the time of writing, down from $213 billion seven days prior and a far cry from its all-time high of $814 billion on January 7, 2018. Bitcoin, still the world’s largest currency with 53 percent of the market, reached $5,598 per coin, down from its three-month peak of $7,367 and far below its December 17, 2017 all-time high of $19,753. Bitcoin Cash, the fourth-largest cryptocurrency, continued its slump from its three-month peak of $638 to hit $406 on Thursday.
Bitcoin Cash “forked” from Bitcoin in August 2017, with advocates claiming that changes like a larger blocksize would make it a more usable currency. Bitcoin Cash forked again on November 15, with some miners supporting the ABC fork and others the SV fork. Ver claimed on Thursday that the key to a good future was “a cryptocurrency that’s incredibly useful for people as cash.”
The fork has pushed exchanges to take decisive action. Coinbase has suspended Bitcoin Cash transactions until it becomes clear which chain becomes viable over the coming days.
The author of this story has a stake in bitcoin and Ethereum.