Dominating the crypto news over the weekend was the leap in the value of Bitcoin Cash (BCH).
Bitcoin Cash (BCH) is up 22.83% at the time of publishing this article, valuing the cryptocurrency at $704.47, which is the highest it has been since mid-2018. Driving the price higher has been a glowing recommendation from Kim Dotcom, the Founder of the now-defunct file-sharing site Megaupload.
The German-born New Zealand resident tweeted his support for Bitcoin Cash on February 11th.
Bitcoin Cash will be the greenest of all crypto currencies.
— Kim Dotcom (@KimDotcom) February 11, 2021
When questioned on Twitter why he supported Bitcoin Cash and not Bitcoin, Kim Dotcom, real name Kim Schmitz, replied: “Because I believe BCH has bigger potential to become the digital money leader, is currently undervalued and has a team that is open to good ideas and advise. Don’t get me wrong, I love Bitcoin too, and ETH and many others.”
A day later, Kim Dotcom followed up with tweets about a new website he created that extols the benefits and upsides of bitcoin cash.
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Many people are asking me why I’m supporting Bitcoin Cash and why I think it has the biggest upside potential. Good question.
I made this little website for you:https://t.co/DIOiBCf1HB
— Kim Dotcom (@KimDotcom) February 12, 2021
In Kim Dotcom’s website, whybitcoincash.com, it is explained that BCH has remained consistent with Satoshi Nakamoto’s white paper: “purely peer-to-peer version of electronic cash.” The website goes on to break down the advantages of BCH which was launched in 2017 through a Bitcoin hard fork and build a coin with better scalability than Bitcoin.
The website goes on to compare and contrast Bitcoin (BTC) and Bitcoin (BCH), a topic covered recently in a Finance Magnates op-ed by crypto expert, Sydney Ifergan – Bitcoin and Bitcoin Cash: A Study Between the Two Major Crypto Coins.
Since the start of the year, Bitcoin Cash transactions have intensified. Following Kim Dotcom’s recommendation and support, data from fork.lol shows that BCH transactions overtook BTC transactions. Having risen 27% on the week, BCH is seeing a spike over the weekend trading which is taking the cryptocurrency’s price from $529.47 to its near 30-month high on Sunday.