- Bitcoin Cash surges in price.
- Several factors are behind the renewed interest.
- Roger Ver maintains that BCH is the true Bitcoin.
Bitcoin Cash (BCH) was on the brink of obscurity, steadily dropping in the crypto market cap rankings. But a remarkable turnaround began in mid-February, culminating in a staggering 55% gain over the past week. This surge has propelled BCH to a 123-week high, sparking renewed interest and speculation about its future.
A Perfect Storm For Bitcoin Cash
Bitcoin Cash has triggered renewed interest in recent weeks thanks to various factors, including the upcoming halving scheduled for April 3. This event will cut the current 6.25 BCH block reward to 3.125 BCH, reducing the new token issuance to impact supply dynamics. Halvings are generally seen as bullish drivers, with BCH’s recent boom likely due to pre-halving buying in anticipation of future price increases.
Further stoking BCH interest is the scheduled launch of Bitcoin Cash futures contracts on Coinbase. Set for launch on April 1, this product will allow investors to speculate on BCH’s future price movements using leverage.
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Beyond investor sentiment, BCH’s underlying fundamentals are also strengthening. The network hash rate, which reflects the computing power underpinning the Bitcoin Cash blockchain, surged to 6.33 ETH/s on March 28, more than tripling from March 4’s 2.08 EH/s hash rate, suggesting miners have confidence in the network’s long-term viability.
With confidence in Bitcoin Cash returning, Roger Ver has rekindled the debate on whether BCH is a more faithful representation of Bitcoin, as outlined in the whitepaper.
Bitcoin Has Been Captured: Ver
With Bitcoin Cash back in contention, Ver re-ignited the long-running rivalry with Bitcoin in a recent interview, saying BTC does not align with cypherpunk philosophy, nor is it anything like the system described in Satoshi Nakamoto’s whitepaper.
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Ver stated that in the early days of Bitcoin, he promoted self-sovereign principles such as “taxation is theft, and you should have control of your own money,” which he continues to believe in and promote to this day.
However, taking BTC maximalist Michael Saylor as an example, Ver underscored the ideological divide between BCH and BTC by criticizing Saylor’s advocacy of compliance, which Ver sees as a betrayal of Bitcoin’s initial rebellious spirit.
“We have Michael Saylor saying pay your taxes; we’re not going to replace the US dollar or euro. Just be a good boy and obey everything the government tells you to do, which is the exact opposite of the early days of Bitcoin,” stated Ver.
BCH is better positioned to fulfill the original concept envisioned by Satoshi Nakamoto, according to Ver.
On the Flipside
- There is a growing narrative that BCH is the solution to CBDCs and state surveillance.
- With Craig Wright outed as not Satoshi Nakamoto and BSV’s future uncertain, the door opens for BCH to become the dominant peer-to-peer Bitcoin token.
- BCH is down 98% against BTC since its ATH of 0.433 in November 2017.
Why This Matters
Bitcoin Cash’s resurgence reignites the debate on cryptocurrency’s core purpose, which BCH proponents see as upholding cypherpunk ideals and freeing individuals from centralized control. In contrast, BTC is heading towards compliance, setting a battleground for the future direction of digital assets.
Read about allegations Roger Ver caused the collapse of CoinFLEX here:
CoinFLEX Says Bitcoin Jesus’ $47 Million Loan Default Is Behind Withdrawal Troubles
Find out why the UK High Court ordered a freeze on Craig Wright’s global assets here:
