Bitcoin Cash to Hit $10,000 by May - Really?

According to the Merkle, online gambling magnate, Calvin Ayre is personally betting that Bitcoin Cash will hit $10,000 by May this year.

Needless to say, a 1,000% rise by Bitcoin Cash over the course of the next 4-months, would be nothing short of spectacular. The only question is, might Calvin Ayre be on to something? Or is a $10K price prediction by Ayre really just an attempt to pump Bitcoins most controversial competitor?

A $10K Bitcoin Cash is Based on the Presumed Demise of Bitcoin

The biggest problem with Calvin Ayre’s Bitcoin Cash prediction is that in betting on BCH, Ayre is outwardly betting against Bitcoin. What is more, although market watchers like Ayre seem oblivious to the fact, it is simply not possible that Bitcoin Cash will usurp the dominance of Bitcoin. This is because to put things simply, most serious investors don’t trust Bitcoin Cash further they can spit a fridge.

Insider BCH Trading & Repeated Attempts to Deliberately Undermine Bitcoin

Even though Bitcoin Cash first forked from Bitcoin in August 2017, it wasn’t until November that Bitcoin Cash really started making traction on the cryptocurrency market. That traction, however, only came about due to the sudden defecting of many Bitcoin miners over to the Bitcoin Cash blockchain.

Starting on November 12th, Bitcoin Cash community members started dumping Bitcoin, before buying Bitcoin Cash with the proceeds, whilst simultaneously strangling mining support for Bitcoin. This subsequently led to mass panic-selling of Bitcoin, temporarily sky high Bitcoin transaction fees, and Bitcoin Cash rising in value by over $1,000.

Bitcoin Cash is NOT Decentralized

While the aforementioned market manipulation might sound conspiratorial, it now represents just one example of several deliberate attempts to pump Bitcoin Cash by dumping Bitcoin.

• In December, the start of Bitcoin Cash trading on GDAX had to be suspended due to new insider trading concerns
• Bitcoin Cash routinely attempts to market itself to new to market investors as the ‘real’ Bitcoin
• Bitcoin Cash architect Jihan Wu, is also co-founder of BITMAIN.(the company which makes Bitcoin ASIC mining hardware) and has restricted all payments for new hardware to Bitcoin Cash
• The Bitcoin Cash community is suspected to be the origin of a ‘leaked’ Bitcoin memo. This being a debunked document which advised Bitcoin core developers to move funds quickly into BCH, as part of a Bitcoin ruse to defraud Bitcoin users

Needless to say, Bitcoin Cash has done more to undermine its own reputation in the 6-months since its creation, than should really be appealing to investors. The most important thing to remember, however, is that all of this (and more) has only been possible due to Bitcoin Cash being a largely centralized digital currency.

Bitcoin Cash Will Likely Disappear Eventually

Bitcoin Cash mining and transaction processing is dominated by select groups of miners, most of whom are based in China and most of whom are affiliated directly with BITMAIN co-founder, Jihan Wu. This means that investors can have the rug pulled out from under them at any moment, should Wu and the BCH community once again attempt to manipulate the cryptocurrency market.

Of course, one day a cleverly pulled off market manipulation could potentially profit Bitcoin Cash investors. A much bigger problem with Bitcoin Cash, however, is that the digital currency spends more time attempting to crash Bitcoin than it does actually innovating. As a result, Bitcoin Cash is already starting to become obsolete when compared to continually innovating coins like Litecoin and Dash Coin.

Will Bitcoin Cash Really Reach $10K by May?

Given the past track record of Bitcoin Cash, Bitcoin Cash may well reach $10K by May. In fact, Bitcoin Cash momentarily reached $10K in December 2017, as a result of its then GDAX skulduggery. It is only logical, in this case, to expect BCH to try something similar at some point. The only problem, of course, is that such gains won’t be sustainable in the long-term. Investors would be wise, therefore, to exercise more than a little caution.