Billionaire investor and Bitcoin bull Tim Draper has announced that he recently bought Bitcoin Cash (BCH). In a tweet, he thanked Roger Ver for the “innovation and referred his followers to Bitcoin.com, saying BCH is easy to buy and use. This comes as a major surprise as he is a strong bitcoin proponent.
Bitcoin Cash is one of Bitcoin’s forks which was created in August 2017. Roger Ver happens to be a strong advocate of the digital asset which was created as a solution to some of Bitcoin’s shortfalls such as small block size and slow transactions. Since then, Ver has been trying hard to prove that BCH is superior to Bitcoin as peer-to-peer electronic cash which he claims was Satoshi Nakamoto’s original vision.
Bitcoin Cash succeeding?
Tim Draper is one of Bitcoin’s biggest bulls and supporters. While he hasn’t yet given up on Bitcoin, his decision to buy BCH, its closest rival is a big deal especially for Roger Ver whose efforts seem to have gone unnoticed all this while. It is also a big deal for the entire BCH community as this is the first time such a significant figure in the space is publicly announcing his involvement with the coin.
More people who hitherto did not take BCH seriously may start developing interest since Draper is a major influence in the space. However, some of his Twitter followers have reacted rather negatively, saying it was a bad idea for him to buy BCH which is “dead”.
BCH so far has seen some adoption by online merchants for payments. According to bitcoin.com, the Bitcoin fork now has 4,300 Bitcoin Cash-accepting businesses worldwide. BCH is currently the 6th largest cryptocurrency by market cap after it was displaced from the 5th place by Chainlink. The second prominent Bitcoin fork ‘Bitcoin SV (BSV)’ is now the 11th largest crypto. What impact will Draper’s purchase of BCH have on its price?