For cryptocurrency holders, bitcoin cash is the must-own currency at the present moment, according to crypto investor Brian Kelly.
In an interview with CNBC's "Fast Money," Kelly said bitcoin cash miners met over the weekend to discuss funding for a bitcoin cash development fund, which could give the digital currency more value.
Kelly, the founder and CEO of crypto-focused investment company BKCM LLC, noted that the bitcoin cash miners are looking to put some of the rewards they get from mining in a fund to expand the BCH ecosystem. It is expected that the development of such a fund could lift the cryptocurrency's value.
He said, "That's how blockchains gain value. 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. That's a place I want to buy."
According to coinmarketcap, bitcoin cash was priced on Wednesday at $1,065.99, down 11.3 percent over the last 24 hours, with a market cap of $18.3 billion. This is lower than $1,600 as on May 5, but significantly higher than $760 in April.
Bitcoin Cash, a peer-to-peer digital currency, was established in mid-2017.
In early May, a planned lawsuit by pro-Bitcoin community against Bitcoin.com, which supports Bitcoin Cash, has been abandoned, citing shortage of funds to proceed with the case. The initiator of the move, MoneyTrigz, alleged that Bitcoin.com was purposely misleading buyers by blurring the distinction between Bitcoin and Bitcoin Cash.
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