Bitcoin Cash promotion strategy criticized by Novogratz

Investor Mike Novogratz (who is currently busy creating a vast crypto bank) has criticized the approach chosen by the current owners of @Bitcoin Twitter account. The tweet which has caused the reaction of the Wall Street player describes Bitcoin Cash as the “oldest cryptocurrency”:

Enough already. Bitcoin core is BTC. It is a store of value. It is digital gold. It’s market cap dwarfs bitcoin cash. If you want to be a payments currency by definition you need to have stable value. So why own it. ??

— Michael Novogratz (@novogratz) May 5, 2018

Bitcoin Cash has actually not been designed by Satoshi Nakamoto, it has appeared as a result of a protocol update of Bitcoin called SegWit. Since the first days of existence of this new cryptocurrency, its advocates stated that the old Bitcoin was obsolete. Investor Roger Ver is one of such avid fans, and according to some reports, Bitcoin.com and the aforementioned Twitter account have started to post materials in favor of BCH under his direct influence. This even led to the temporary suspension of @Bitcoin - which, evidently, has ended.

Bitcoin.com has made changes in cryptocurrency naming after a wave of criticism erupted. At the press time, BTC is called Bitcoin Core, BCH is called Bitcoin Cash while for some time, the latter was being presented as the real Bitcoin.

Meanwhile, Bitcoin Cash remains at the fourth place on Coinmarketcap even despite all the decline it close rival on the list, Ripple, has experienced since December 2017.

Image courtesy of Jacob Kepler / Bloomberg