It’s hard for me to ignore the fact that Bitcoin Cash has been absolutely crushing resistance on the price charts. In the last three weeks, it has risen by 175% to $1,200 dollars at the time of filming. This is the highest Bitcoin Cash has been since June 2018.
The unprecedented price growth has been a long time coming, and if you were lucky enough to be subscribed to this channel, getting forbidden industry information over the last few years, you could have snagged BCH at prices as low as $100. The cleaning lady at our work office did just this – in addition to accepting Bitcoin Cash as a payment method, she went further, buying $10,000 dollars’ worth at around the $100 dollar mark. Which means that by this point, it has grown to at least $100,000 dollars in just two short years. You don’t hear about too many investments performing that well, and this is just one of many great success stories here in the Bitcoin Cash City.
In the last week I’ve been inundated with messages from friends and family, asking why the price is rising so rapidly. Well, here are a few noteworthy things that have been going on recently. Most importantly, the economic activity on Bitcoin Cash surpassed that of Bitcoin. It has maintained this lead consistently since February 7th, indicating that this was totally organic growth. By comparing the BCH price chart against the daily transaction count chart, we can see that the price has been trending upwards ever since the daily transactions began exploding on December 25th 2020. This transaction growth has been mostly attributed to services utilizing Bitcoin Cash like Noise.Cash, a social media platform that encourages micro-tipping for content creators. It has proven extremely popular in some 3rd world countries, allowing users to earn significant sums of money for simply putting out the equivalent of a Tweet. This is a far better alternative to platforms like Twitter and Facebook, who sell your data and make money off you, rather than paying you. Bitcoin Cash has also seen an influx of new users, who have fled competing cryptocurrencies like Bitcoin and Ethereum due to their high fees and network congestion.
The event which seems to have the greatest correlation with the bull run of the last few weeks, is the Clubhouse chat between a group of BTC Maximalists and Internet Entrepreneur Kim Dotcom, which took place on the 31st of March. Before he even entered the chat room, the BTC Maximalists scoffed at the thought of him joining their discussion because they knew he had been very vocal about favouring Bitcoin Cash over BTC in recent times. The moderator asked Kim to introduce himself and while he was mid-sentence the maximalists began to cut him off by muting him. A few minutes was then spent by the moderator, removing everyone from the discussion so that he could speak one-on-one with Kim. Calmly, confidently, and decisively, Kim then dismantled the entire BTC narrative for digital gold and that against Bitcoin as a P2P electronic cash system. Throughout the duration of the discussion, the main argument the pro-BTC moderator kept reverting to was that Bitcoin Cash will become centralized due to its large block size. He did not believe that computing power and electronic storage capacity becomes exponentially greater and more affordable over time, despite this being true since the inception of the first computer.
I invite anyone to check out the Raspberry Pi Terabyte Block project on my website, where we outlined a scaling plan for Bitcoin Nodes on affordable Raspberry Pi computer hardware. While slightly outdated, I can tell you now that the raspberry Pi hardware has already exceeded the expectations set out in this timeline. In 2020, they released a raspberry Pi 4 with 8 gigabytes of RAM.
The moderator claimed that because of the large block size, low-net worth individuals would not be able to use Bitcoin Cash because they couldn’t afford the hardware to run a full node, but they could use BTC because it has small blocks. This is a psychological warfare tactic known as gaslighting, because in fact the opposite is true. People have been priced out of using BTC because of its high fees which they cannot afford, high fees which have been inflicted by the small block size. With Bitcoin Cash the fees are a fraction of a penny and that opens up Bitcoin Cash to everyone globally, even in 3rd world countries. BTC on the other hand is an elitist coin, that is only for those who can afford $20 dollar transaction fees.
At this stage in the conversation the BTC maximalists who had been listening were allowed to join in and they were fuming that the moderator had allowed Kim to destroy the entire BTC narrative. The immediate reaction of one prominent BTC Maximalist, Jimmy Song, was to aggressively yell at Kim, calling him a lair and a scammer, before rage quitting altogether. Have a listen:
The discussion moderator, while wrong, was at least polite and trying to have a proper debate. The same cannot be said for BTC maximalists like Jimmy Song, who tries to appear manly by wearing a cowboy hat when he’s really just a nerd. BTC Maximalists claim they are experts, but clearly, they have no understanding of the technology. They never have. Really, they are nothing but propagandists trying to keep the wool over people's eyes. Kim exposed that, and that’s why the BTC maximalists became so hostile towards him. We have seen this same behaviour numerous times over the last decade of Bitcoin.
Angered and fearful after being exposed by Kim in the Clubhouse discussion, the maximalists decided to cut out and censor parts of that discussion where Kim spoke before it was published to YouTube. Unfortunately for them this backfired when a listener published the censored Kim part and then the Streisand effect took over. BTC maximalist attempts to suppress Kim only drew greater attention to what he had to say, and his video received more than double the views of the censored video. Bitcoin Cash started to surge on this day as more people wake up to the fact that Bitcoin Cash is actually Bitcoin as described in the whitepaper, and for the BTC maximalists this can’t be allowed to happen. Therefore, BTC leadership went further to try and discredit Kim and Bitcoin Cash, by generating fake news that Roger Ver’s Bitcoin.com domain was for sale. This was clearly done to generate FUD and stop the price rising, potentially even crashing it. Roger quickly came out and reaffirmed that the domain was not for sale and that this was just fake news. The maximalists did not retract their false claims, which had even garnered great attention on crypto news sites, and despite that it had zero effect on the price which just continued to surge higher.
Now their latest attempts to stop BCH involve deceptively editing the Bitcoin Cash Wikipedia page, which Greg Maxwell has been directly involved in for years. He’s responsible for the Wikipedia page wrongly stating that “Bitcoin Cash is a spin-off or altcoin created in 2017” in an attempt to delegitimize it. He has also tried to erase important Bitcoin history by removing the page about the Bitcoin XT node software. But clearly even that was not enough when yesterday they were able to delete the Bitcoin Cash category on Wikipedia, claiming that “it is being used to promote a barely notable cryptocurrency” even though Bitcoin Cash has higher transactional volume than Bitcoin itself. So far none of these attempts to stop the price rising have had any effect and after breaching several major resistance levels, it looks like there is plenty of room for continued price growth.
While these events can be attributed to Bitcoin Cash’s price increase, fundamentals play the greatest role in determining the true value of an asset. The reality for many years has been that Bitcoin Cash is far superior to Bitcoin in every way, despite its price being much lower. This does not make any logical sense, but what it shows is that Bitcoin Cash is severely undervalued, and Bitcoin is severely overvalued. Eventually, as the masses become aware of this fact, the equilibrium will balance. And after that, nothing will stop Bitcoin Cash from rising to its rightful position as the top dog.