That Bitcoin is the dominant cryptocurrency and would remain so in the foreseeable future is not in doubt. There are few platforms that would dream of matching its accomplishment talk less overtaking it.
Nevertheless, the prospect of having future coins that challenge the crypto king is an issue that is broached in altcoin communities such as Bitcoin Cash.
A recent Bloomberg report shows that the Bitcoin Cash team led by Roger Ver, has mapped out a program aimed at seeing that Bitcoin Cash becomes the second most capitalized coin after Bitcoin.
That position is presently occupied by Ethereum, the smart contract platform popular for hosting many decentralized applications.
Bitcoin.com, the prominent Bitcoin website owned by Ver, switched its alliance to BCH and has recently launched an exchange that uses Bitcoin Cash as its base cryptocurrency.
David Shin, the head of the new exchange stated that the platform is seeking more volume to scale up in the coin market capitalization charts. He specifically said that he would like to see that happen in a year.
Plans for BCH Futures
The platform is already involved in discussions that could see BCH futures launched in a short time. According to Shin who used to be Asia head global equity derivative sales at TD Securities,
“We’ll try to list a BCH future on one of these exchanges that’s CFTC regulated to therefore have a product that can be traded into the U.S. with institutional traders,”
He believes that this would theoretically lead to the needed volume spike that would make Bitcoin Cash the next big coin after Bitcoin. Even with such prospects, it would still be a tough call for the cryptocurrency that forked from BTC in 2017.
Bitcoin Cash volume has doubled in recent months to $5.4, but it is still way behind the top three coins – Bitcoin, Etherem and Ripple. Bitcoin is currently dominating 70 percent of the market at capitalization of $181.1 billion.
The Bitcoin Cash fork was the result of community disagreement on the future path of BTC. Shin thinks that there is so much to know about Bitcoin Cash, adding that there is need for more futures contract in the industry, implying that Bitcoin Cash futures are what the community needs.
“I don’t think the institutions really know what BCH is, so I want to be out there to change that rhetoric,” Shin said.
“There’s a real opportunity if we believe two contracts are not enough, and maybe three to five is the right number, that the third one should be Bitcoin Cash.”
Bitcoin Cash proponents are known for aggressive marketing. It’s left to be seen what impact the new drive would have on BCH adoption.