Bitcoin Cash advocate, Roger Ver, formerly known as Bitcoin Jesus, recently compared the two cryptocurrencies, pointing out that Bitcoin gains value based on trader speculation, while Bitcoin Cash does so based on user adoption.
He made this comparison in a tweet published on April 9, 2020, just after the first halving of the cryptocurrency; an event that had negative consequences for its user base.
Bitcoin: gains value primarily based on the perception others will buy it. Bitcoin Cash: gains value primarily through growing utility in commercial adoption and usage in general. — Roger Ver (@rogerkver)Tweet
Despite everything, Ver’s words towards Bitcoin did nothing more than point out the part of what is completely obvious in every market. As traders develop a bullish or bearish sentiment based on various circumstances, the price (not the value) of those investments react similarly.
As a testament to the difficult period the Bitcoin Cash community is going through, just look at how the price of BCH reacted after the halving: The token managed to briefly increase its price from $249 to a peak of $280.
The same goes for the hashrate. Miners are leaving the BCH blockchain after seeing their rewards cut in half. In terms of mining activity, the Bitcoin.com pool (owned by Ver) has decreased its hashrate substantially
From the perspective of fundamental analysis, the recent decision by several governments to inject inorganic money into their economies — led by the U.S. with a whopping $6 Trillion — has put several investors and enthusiasts back into the debate about the nature of Bitcoin as a store of value. Giving the fact that Bitcoin has already given up on becoming peer-to-peer electronic cash for the world (As it was intended by Satoshi Nakamoto). That mission has been overtaken now by Bitcoin Cash, as it proves the thousands of businesses & individuals around the world using it on a day to day basis.