Investors should be ready if in case Bitcoin falls down, says ‘CEO Bitcoin.com’

Nishanth Shetty

Nishanth Shetty

December 21, 2017 11:44 am

Investors should be ready if in case Bitcoin falls down, says 'CEO Bitcoin.com' | Coindelite News
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Bitcoin News

Roger Ver, CEO of Bitcoin.com, told Wednesday that the “Fast Money” that “bitcoin miners” might change their processing power over to bitcoin cash if the offshoot becomes popular enough.

Roger Ver told:

“You might want to consider holding your bitcoins on your exchange, so if there’s a mass exodus of people rushing for the door, your money will already be on the exchange, so you can sell your bitcoin core coins for more bitcoin cash or whatever else you want.”

He included:

“Whereas if they’re stuck on your own phone or your own computer and everybody’s running for the door … it will be too late at that point to move your own bitcoins from your own wallet onto an exchange.”

“You wind up getting nothing instead of something.”

The guidance became reverse, Ver said, to what he said investors for years: not to hold bitcoin on exchanges, which could be hacked. Morgan Stanley analysts estimate more than $630 million in bitcoin has been stolen from the cryptocurrency by the hackers.

Bitcoin Cash got forked from the Bitcoin after a minority of the developers decided to implement a modification to improve the transaction efficiency. Bitcoin payment processor Bitpay and cryptocurrency storage company Blockchain also added support for bitcoin cash in the last few days.

Bitcoin cash traded around 33% more over within the last 24 hours at $3,786 as of 6:03 p.m. Bitcoin was traded more than 6.5% lower, near $16,337.

The currency flew up more than 2,000 percent within the last 12 months on a growth of investor interest. The world’s largest futures exchange, CME, launched the bitcoin futures on 10 December 2017 (Sunday), one week after its competitor Cboe Global Markets began trading its own bitcoin futures. The shift is expected to allow the institutional investors to purchase into the cryptocurrency trend.

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