CNBC's Fast Money hosts and panel were on the defensive during a recent broadcast, as some viewers accused the network of shilling for bitcoin cash (BCH). And, truth be told, CNBC has been showing the decentralized cryptocurrency an inordinate amount of love lately. A segment by a popular analyst, where he forecasts even bigger things for BCH, only added fuel to some trolls' fire. Chairman Mow is not amused.
CNBC Predicts Bitcoin Cash to Moon, and Soon
Wednesday in the US is known colloquially as Hump Day, the point at which the weekend seems closer. It's also the day more and more cryptocurrency enthusiasts are tuning in to CNBC's Fast Money program, a self described "post-market show," hosted by Melissa Lee with contributions from well regarded traders.
Trader Brian Kelly, founder and CEO of BKCM LLC, was asked to detail just why it is he's so bullish on bitcoin cash. In introducing his plasma-fronted segment, Ms. Lee read what appears to be a month-long trend, describing bitcoin cash as having "vanquished" the likes of bitcoin core (BTC), down 5%, litecoin down 9%, and ripple down 21% while BCH remained positive at 6% price growth.
Mr. Kelly asked viewers to simply look at what he refers to as catalyst factors, aspects of a digital asset, no matter what the asset, that might have caused it to gain traction in price going forward. In the case of bitcoin cash, Mr. Kelly cheered the latest development among its mining community to pool portions of rewards toward building a fund for future development. He compared it to an app store where devs pile on uses for a smartphone previously unthought of or dreamed of but not implemented. BCH, he insisted, wasn't the only project to do something like this, and he even managed to sandwich in the word "potentially" when describing price prospects.
He also equated more on-chain development with potential use cases, and use cases, then, with, well, usability and appeal to more people in the eventual hope of more adoption. Curiously he described the mining community's latest move as a kind of cartelization, though benevolent, words and phrases that immediately rile most cryptocurrency enthusiasts. He acknowledged it, however, as a potential negative.