Roger Ver, a highly debated public figure in the cryptosphere, went on CNBC’s Fast Money recently to offer insights into the current cryptocurrency market. Despite being one of the earliest adopter’s of Bitcoin and an outspoken advocate for cryptocurrency, Ver has stirred up controversy in recent years after abandoning support for Bitcoin in favor of Bitcoin Cash (of which he is now suspected to hold tens of millions of dollars worth). Bitcoin Cash first launched in August 2017 as Bitcoin’s first hard fork, and has lost nearly 30 percent of its value over the course of the last month. Ironically, CNBC has given Ver the title of ‘Bitcoin Jesus’, a name that might be just as easily replaced with ‘Bitcoin Judas’ by his opponents in the space.
Ver told CNBC that in his opinion, much of Bitcoin’s struggles following its price crash earlier this year can be attributed to Bitcoin’s inability to be used in commerce.
“The fees became high, the transactions became slow and unreliable, and people like myself and everybody else who was actually trying to use it for commerce stopped and switched to something else,” said Ver.
Suggested Reading : Learn more about Bitcoin Cash and how it differs from Bitcoin in our beginner’s guide.
“I remember when I bought my first Bitcoin for a dollar and it went all the way up to 30 dollars that summer in 2011. It then dropped all the way back down to two dollars. It lost 90 percent of its value over the next year. But in investing, like in hockey, you don’t skate to where the puck is currently, you skate to where its going to be in the future. Its very clear that all the adoption by the merchants and all the businesses are being built on top of Bitcoin Cash at this point. So for the future I think Bitcoin Cash is going to be the best investment standpoint.”
Despite an unsurprising push for Bitcoin Cash, Ver does encourage investors to diversify their portfolios. He insists that it is important to not put all of your money into a single cryptocurrency.
“‘Diversify’ is the name of the game when it comes to investing,” said Ver. In addition to Bitcoin Cash, Ver reveals that he also holds Monero, Dash, Ether, Zcash, Ripple, Stellar and a little bit of Bitcoin.
Ver stated that he used to only hold Bitcoin before the BTC Team decided to sabotage the network, making it impossible to scale in his opinion. He then called the Bitcoin developers “absolutely insane” for recent decisions made to the network. Ver believes that the high fees on the Bitcoin network will continue to go up, and Bitcoin will continue to lose market share.
The full interview can be seen below:
— CNBC’s Fast Money (@CNBCFastMoney) August 27, 2018
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