We’ve done quite well on our Bitcoin Cash (also called “Bcash”) position, and I have decided now is the time to take profits.
Important: The Bcash ticker on Bittrex (our recommended exchange) is BCC. It may vary depending on your exchange. Just be sure you’re selling Bitcoin Cash, NOT bitcoin (BTC).
I’ve spent a lot of time evaluating Bcash as a threat to the original bitcoin, and I’ve come to the conclusion that it is no longer a necessary hedge to our bitcoin position.
There was a battle between large mining groups and users over Bcash vs. bitcoin, and the original bitcoin appears to have won handily.
Additionally, Bcash’s leadership is struggling. Roger Ver, one of its leading proponents, recently had a meltdown during an interview on YouTube because someone called Bitcoin Cash “Bcash” (which is the name most people use, but Ver hates it and insists that Bcash is bitcoin).
Also, there is likely to be a large increase in Bcash selling pressure starting early next year, so I’m recommending we take profits now. Here’s another reason why.
Every person who held bitcoin at the time of the split on August 1, 2017, became entitled to an equal number of Bcash coins. (More info on the fork here.)
Some exchanges, like Bittrex, immediately credited bitcoin owners with their Bcash. But the largest exchange in the U.S., Coinbase, is set to credit its customers with Bcash in January 2018.
When all that Bcash from Coinbase hits the markets, it’s likely to hurt prices.
I will be selling the majority of my Bcash sometime in the next month. I will wait at least seven days from the time this update goes out before I sell, giving members ample opportunity to sell before me. It’s very important to me that I avoid conflicts of interest between this service and my personal holdings.
If you wish to hold on to some of your Bcash as a hedge, that’s perfectly fine. As I said, I no longer feel it represents a genuine threat to bitcoin, so I’ll be selling at least half of mine. But I will likely hold on to a few coins just in case.
Recommended price: $673.12
Current price: $1,248.35
*As of November 30, 2017
I’m also recommending you roll your Bcash profits into Ethereum. Ethereum has tremendous potential, and though it’s been lagging behind bitcoin, it’s recently begun to heat up. I recommend setting up your cryptocurrency portfolio as follows:
- Bitcoin: 50%
- Ethereum: 20%
- Litecoin: 20%
- New Economy Movement: 10%.
Co-Founder, First Stage Investor