In an interview with CNBC‘s Fast Money, Vinny Lingham provided optimistic remarks about the future of cryptocurrencies with Bitcoin Cash at its forefront. Lingham, dubbed by Forbes as the crypto “Oracle“, is the CEO of blockchain-based identity security platform Civic. Here’s a snippet from the interview: [see embed code in e-mail].
Lingham claims that the current state of the crypto market necessitates something other than mere store of value, stating that: “The one need is global fast cheap payments with some tradeoffs and the other need is anti-fiat money where everyone can run a node to monitor and value their transactions.”
The current dichotomy is perceived to be between that of cryptocurrency as a store of value or as a payment utility. In terms of the former, Lingham agrees that legacy Bitcoin, or SegWit1x (BTC) still has some value as a kind of digital gold. However, according to Lingham, “[When] I look at it from a products standpoint, I think the greater demand is for peer to peer cash than for digital gold.” Having a greater demand does not instantly spell success, though, and Bitcoin Cash developers are hard at work trying to accommodate the growing number of BCH users.
As of this writing, the cryptocurrency trading market has suffered from severe losses and dips. The BTC chain has dwindled from its record-high $20,000 to a $9,000. Due its prominent position, BTC’s sudden dips also affect other cryptocurrencies as a result of covariance in the crypto asset trading market. Despite this, major cryptocurrencies such as Bitcoin Cash have fought forward with strong comebacks.
“[BTC] and Bitcoin Cash are focusing on two totally different markets right now,” said Lingham, adding that investor should “#HODL” BTC and Ether as they are, but that Bitcoin Cash provides more utility for a long-term basis as “these two products are serving different needs in a market.”
Lingham is invested in a range of cryptocurrencies, and knows, as an entrepreneur, that Bitcoin Cash is a more stable and viable network, not because of its raw price, but because of its long-term value. With a tight regulatory environment as seen in the cases of South Korea and China, a lot of new investors in the crypto market have sold off their assets out of fear. With Bitcoin Cash, the story is wholly different. Users don’t buy the cryptocurrency as an asset: instead, they rely on it as a basic means of transferring funds to anyone they like, be it their close friends, business partners, or new friends whose kindred spirit they find worthy of appreciation.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.