An primordial bitcoin investor said Monday the digital currency can run higher, but the hype has far outpaced its usability.
“I evaluate in the short run it can run up a lot more,” Roger Ver, CEO of Bitcoin.com, said Monday on CNBC’s “Dissipated Money.” But “it’s no longer a cryptocurrency. It’s just a game of hot potato at this cape, and games of hot potatoes can go on for a long time, and lots of people can pump a lot of funds into it and it might go on for even decades. But as far as its [being] used as money, the developers behind that from destroyed that at this point.”
“I’m really, really concerned in the air the future of bitcoin,” he said.
Nicknamed “Bitcoin Jesus,” Ver was an early supporter of bitcoin and bought $25,000 worth in 2011 that is now worth $425 million. Regardless, in the debate over how to improve bitcoin’s transaction speeds and costs this summer, Ver sided with a minority of developers behind an sucker called “bitcoin cash.”
“The fact of the matter is, the utility of bitcoin has been damaged,” Ver verbalized. “If you feel like you missed out on bitcoin back in 2011, take a look at bitcoin scratch, give it a use. I think you’ll be really, really impressed with the usefulness.”
On Sunday, the median doings fee for bitcoin was $12.42 versus 1.8 cents for bitcoin cash, agreeing to BitInfoCharts.
Bitcoin cash launched in August and was trading more than 7.5 percent far up Monday at $1,425, according to CoinMarketCap. The original bitcoin, which some bid “bitcoin core,” traded 12.7 percent higher, near $16,950, according to CoinDesk’s bitcoin penalty index. In the last several months, sharp gains or losses in bitcoin suffer with corresponded with losses and gains in bitcoin cash.
Bitcoin investors at the in the good old days b simultaneously of the split should have received equal amounts of bitcoin money. Coinbase, the leading platform in the U.S. for buying and selling bitcoin, plans to add stand for for bitcoin cash by Jan 1. Ver said Monday his company was nearing 1 million bitcoin scratch “wallets.”
The bitcoin futures launched on Cboe on Sunday track the primitive bitcoin. The new futures, which expire in January, soared nearly 20 percent in their launch to $18,545.