Roger Ver pumps Bitcoin Cash, dodges his bitcoin holdings

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Roger Ver pumps Bitcoin Cash, dodges his bitcoin holdings

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Investor and former Bitcoin evangelist Roger Ver has made no bones about it. He believes Bitcoin Cash, not the original Bitcoin, is in the cryptocurrency of the future.


Roger Ver on BloombergIn an interview with Bloomberg’s Haslinda Amin at the “Bloomberg Invest Asia Conference” in Hong Kong, Ver admitted he still owns Bitcoin as an investor but considers Bitcoin Cash a better cryptocurrency for payments as well as investment.


Why Bitcoin Cash?


As a large, original bitcoin investor, Ver believes bitcoin should have forked in the past to increase the number of available coins as well as to increase capacity and scalability for future growth. That reluctance by developers of Bitcoin Core led him to support Bitcoin Cash instead.


“Today, I’m more bullish about Bitcoin Cash than I have ever been about Bitcoin Core before it split into two. It’s actually getting adoption around the world, more and more merchants are accepting it, it’s easier to use. There’s a bitcoin faucet out now that’s freed up Anyone, anywhere in the world can get $.10 worth of Bitcoin Cash just like that, just by going there. It’s amazing. It’s powerful technology. And if you can see that it’s useful in commerce, the long run trend is for the price to go up and yes, there’s a lot of volatility from day-to-day, but the long run trend is going to continue to be up in regards to Bitcoin Cash because it’s useful in commerce.”


Ver said like any smart investor, he doesn’t put all his coins in one basket. He said he still owns some Bitcoin Core but the majority of his holdings are now converted to Bitcoin Cash which he says most closely resembles the economic formula that led Bitcoin to become a worldwide phenomenon.


Bitcoin Cash lets you buy things like airline tickets, hotel rooms, and many things online, he says. Bitcoin Core no longer makes that easy for consumers.



Bitcoin’s ideological war


Ver believes strongly that Bitcoin Core developers held back the progress of the original cryptocurrency.


“There were two different ideological camps. One camp believed that Bitcoin couldn’t scale on chain for the entire world to use as money. The other camp believes that it could. It turns out they’re both right. Bitcoin Core can’t scale for it to be money for the entire world, Bitcoin Cash can. It’s a mental problem within the heads of Bitcoin Core people that believe bitcoin can’t scale to be for the entire world while the Bitcoin Cash people have the right attitude.”


He said the upcoming May fork for Bitcoin Cash shouldn’t be a concern. “People say fork this, fork that. It’s a scary sounding name for a software upgrade.” He continued, saying everybody likes to have the latest features enviable to do more things, and that’s really what will make Bitcoin Cash even more popular. “Bitcoin Cash can scale to be money for the entire world,” Ver added.


What will it take for Bitcoin Cash to succeed?


Roger VerVer said more adoption by more people and more use of Bitcoin Cash in commerce will help it become successful.


“We’re witnessing for the first time in history, right before our eyes, a separation of money and state where suddenly money’s going to be issued by these blockchains and people are going to have choices to which money they use,” Ver said.


He agreed that billionaire investor George Soros’s participation in trading bitcoin will be helpful in getting more people involved and using cryptocurrency.


Which coins will grow?


Bitcoin Cash risingIn picking coins that will be successful, Ver said investors should look at the coins that are the most useful in commerce. The criteria? “Fast, cheap, reliable, take payments and Bitcoin Cash has that. Bitcoin Core no longer does and that’s why I support Bitcoin Cash.”


When it comes to the future for cryptocurrency and regulations, Ver sums up with a message for central bankers. “I would say it’s like trying to hold back the tide of the ocean. It’s impossible. You need to embrace it and figure out how you’re going to integrate it into whatever it is you’re doing in life. Imagine if you’re trying to say that only certain people with licenses were allowed to use the Internet or allowed to use email because terrorists are going to use email to communicate with each other? Well, it’s true, maybe terrorists will use email to communicate with each other, but that doesn’t mean that email isn’t a wonderful benefit for the entire human race, worldwide. The same is true of cryptocurrency.”


By now you’re getting the idea that Ver likes Bitcoin Cash a lot? As an investor who’s gone deep on Bitcoin Cash, that’s understandable. But that’s also the lens that he views the world through, so it should temper your assessment of cryptocurrency.


You can view Ver’s Bloomberg interview here.


Visual courtesy of Bloomberg TV