Investor Brian Kelly said Monday that Bitcoin Cash is the essential digital currency of the moment.
On Saturday, Bitcoin Cash miners met to square numbers in order to implement a digital asset development fund, he told CNBC.
In the end, the miners "will take some of the rewards they get from mining and put it in a fund to build things other than Bitcoin cash," Kelly said in "Quick Money."
"This is how blockchains gain value," he added. "You will get more use cases to the extent that the utility is translated into value. That could be good for Bitcoin Cash. "
"It's a place I want to buy," said Kelly, founder and CEO of BKCM, an investment firm focused on digital currencies.
Bitcoin Cash was priced at US $ 1,233.25 at 6 pm ET on Monday. Although it decreased from its price of US $ 1,300 the week of May 14, Bitcoin Cash was still valued significantly higher than its April 17 level of US $ 763.
Observers of the encryption market expected the most notable digital currency of all, Bitcoin, to join this rise during Blockchain Week New York. But instead, it decreased by around 10%, falling briefly below the level of USD 8,000. Bitcoin, with a price of around US $ 8,400 on Monday at 5:30 p.m. ET, has fallen by approximately 5% in the last month.
Additionally, the investor added that BCH could be about to rise again because it may have more use cases.
"This is how block chains gain value. You will have more use cases to the extent that the utility is translated into value. That could be good for Bitcoin Cash "
If this happens, BCH could have a higher performance in the medium term than many other large cryptocurrencies, including Bitcoin and Ethereum, which, as mentioned before, have been falling in recent weeks.
At the time of writing, according to the CoinMarketCap price index, Bitcoin has a value of 7,952 USD, ETH 635 USD and Bitcoin Cash 1,120 USD.