Roger Ver, the CEO of Bitcoin.com and Bitcoin Cash [BCH] evangelist, spoke to CNBC about his investment in cryptocurrencies and the state of the Bitcoin [BTC] blockchain. He also spoke about his initial investment in Bitcoin and its use cases.
He started off by saying that the market was down due to Bitcoin not being usable for commerce in December last year. During the price hike, the transaction charges were in $20 mark, due to congestion on the network and smaller block sizes. Ver said that due to the hike in transaction fees, they became “slow and unreliable”, causing many who were using it for commerce to stop using it. He went on to say:
“Everybody else that was trying to actually use it for commerce stopped and switched to something else. That something else looks most likely to be Bitcoin Cash for the most number of people.”
On the state of the currency, Ver admitted that it had had a lackluster run this year with regards to price. Notably, Bitcoin Cash is worth less than 10% of the coin that it forked from and is currently trading at a price of $550 down from a high of $2800 in January this year. However, he stated:
“It’s down a lot this year but I remember when I bought my first Bitcoins at about a dollar and they went all the way up to $30 that summer in 2011 and then dropped all the way back down to $2. More than a 90% drop over the next year there.”
However, the evangelist offered investment advice to the consumers. He offered an analogy to playing hockey and also spoke about investing in Bitcoin Cash. He stated that it offered the most secure financial position in the future. He said:
“In investing or in hockey you don’t skate to where the puck is currently you skate to where it’s going to be in the future. It’s very very clear that all the adoption in the merchants and all sorts of businesses are being built on top of Bitcoin Cash at this point so for the future I think Bitcoin Cash is the best investment standpoint.”
He further went on to say that investors should diversify their portfolios, stating that he did not recommend that anybody puts all of their investments in one cryptocurrency. He also spoke about the composition of his cryptocurrency portfolio, saying:
“I hold more Bitcoin Cash than anything else, but I have some ether I have some Z Cash, some Z Coin, some Monero, some Dash – and also BTC as well so a little bit of everything is a good idea. Of course, some Ripple and Stellar and you know take your pick diversify, diversify, diversify is the name of the game.”
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