The Bitcoin Cash fork war was one of the reasons for the price crash we experienced recently. As the BCHSV and BCHABC camps struggle for dominance, the entire market suffered the lose. Craig Wright, the creator and chief advocate of the BCHSV network threatened to seize power of the blockchain and take over the right to make decisions. However, BCHABC became the winner of the hash war as it took over more hash power than BCHSV after the war began. The price of both coins have been plummeting since along with other cryptocurrencies in the industry but started recovering yesterday.
Bitcoin Cash SV To Reach $1 Million?
The former Reddit crypto lead Ryan X. Charles has said that there are two options regarding the future of Bitcoin SV. According to him, there is no middle ground. The cryptocurrency might either go high astronomically or fall to point zero. The tweet he posted on Friday clearly showed that he is an advocate of BCHSV. In his words:
“There are two long-term possibilities:
- All cryptocurrencies will fall to zero
BSV will sell as high as one million per coin while other cryptocurrencies fall to zero.
In the industry, BSV is the only coin that has the economics to support long-term growth. If it is unable to reach peak adoption, BSV will also fail. Adoption is everything”.
The cryptocurrency industry is unpredictable. Anything can happen within the next few years and even months. Currently, there are different futures available for the different versions of Bitcoin making adoption extremely important. The version that gets the most adoption wears the crown.
Long ago, Charles started advocating for longer blocks on the BCH network. He always believed that having the power to process millions of transactions efficiently is key to long term progress and viability. This was why he launched his platform, Yours.org after Bitcoin Cash went live. The platform requires on-chain payments to function. People pay to get access to content. During an interview with CoinGeek, Charles said:
“I think the nChain and CoinGeek party attend to the urgent need to scale when compared to ABC. This gives them an edge.”
After Charles left Reddit, he talked about creating his own localized version of the site. Eventually, he created Yours.org. He recently became an active participant of a Bitmain-backed project called Money Button. The project allows websites to accept cryptocurrency payments easily.
Whether or not his prediction for Bitcoin Cash SV will come to pass remains to be seen. Only time will tell if the scalability capabilities of the network are truly enough to take it to the moon.
BSV Price Analysis
Currently, BSV is soaring in green against the USD as it is up by 15.08% trading at $111.91. It is also up by 23.33% against BTC. The trading volume over a 24 hour period is $598,254,704 and the total market capitalization is $1,955,963,590. The next few days of trading will determine if it will keep trading in green or the price action will change. It is important to note that out of the top ten coins, only BCH and BSV are trading in green at this time. BTC, XRP and ETH and others are all trading red against the USD.