Cryptocurrency investor and Founder and CEO of BKCM LLC Brian Kelly said on Monday that bitcoin cash is the must-own digital currency of the moment.
Kelly said in an interview with CNBC that Bitcoin cash miners met on Saturday to talk about financing for a bitcoin development fund.
The development fund would allow miners 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.
“That’s how blockchains gain value,” he added. “You’re going to be getting more use cases to the extent that usefulness translates into value. That could be a positive for bitcoin cash,” he added.
Bitcoin cash’s value was pegged at $1,233.25 at 6 p.m on Monday. Although it went down from its $1,300 price last week, bitcoin cash was still valued significantly higher compared to its April 17 price of $763.
Crypto market watchers were expecting bitcoin to rally during the highly publicized Blockchain Week New York. Instead, bitcoin’s price dropped to about 10% and fell below the $8,000 level.