Bitcoin Cash (BCH) has long been criticized and labeled as a niche cryptocurrency with no real adoption prospects, often referred to as a “zombie chain.”
However, a prominent analyst and investor, Justin Bons, believes these prevailing narratives should be reconsidered in 2023. Bons, the Cyber Capital CIO, recently took to Twitter to express his thoughts on BCH.
Bons emphasized that while he might no longer support BCH personally, his analysis is based on a “purely fundamental perspective.” In his tweet, he argued that BCH should be valued above Bitcoin (BTC) in terms of market capitalization.
According to Bons, BCH aligns more closely with Bitcoin’s original vision, boasting enhanced functionality, capacity, and integrity. He further emphasized that BCH is a means to fix Bitcoin, as forking represents freedom.
The perceived underperformance of BCH, Bons claims, is a result of political factors rather than fundamental flaws. He argues that the absence of an “official” chain and the ticker’s determination by exchanges undermine the notion of objective truth.
In contrast, Bons criticizes BTC’s block size limit and dictatorial governance, seeing BCH as an attempt to rectify these shortcomings while preserving other characteristics of Bitcoin.
Bons urges individuals to look beyond the noise and propaganda surrounding BCH. He encourages readers to familiarize themselves with the historical context and not be swayed by the negative narratives propagated by opponents.
While acknowledging his shift towards supporting third and fourth-generation chains with proof-of-stake and on-chain governance, Bons still believes that BCH deserves attention.
Bitcoin Community Response: Acknowledging Lack Of Research
In response to Bons’ tweets, the community expressed agreement and admiration for his unique perspective. Bons responded to inquiries about his level of involvement, clarifying that he was an advocate for BCH, albeit no longer involved in technical contributions.
He highlighted the importance of BCH’s existence in reminding us of Bitcoin’s troubled history and the dysfunction of BTC. Bons concludes by emphasizing that while he now favors proof-of-stake, he will always consider himself a Bitcoiner.
He agrees that it is time to let the old proof-of-work chains fade away and shift focus towards newer innovations, but he remains open to individuals finding financial sovereignty through BCH.
Nevertheless, Justin Bons’ perspective challenges the prevailing notions about Bitcoin Cash and sparks a debate on the future of cryptocurrencies, governance models, and the principles behind the technology.
Related Reading | AAVE Community Votes Overwhelmingly To Freeze TUSD Reserve On Aave V2 Ethereum