Bitcoin cash (BCH) has been a tough sell, despite the efforts of the cryptocurrency’s biggest advocate, Bloomberg reported.
Roger Ver, aka “Bitcoin Jesus,” still believes in bitcoin cash. He has invested in it since its split from bitcoin (BTC) last year and overhauled his Bitcoin.com site to focus on the cryptocurrency, Bloomberg noted.
Well, others are not following him on the fourth-largest cryptocurrency by market cap as ranked by CoinMarketCap.
Bloomberg cited a review of payments done by blockchain analytics firm Chainalysis. It found that bitcoin cash payments received by the 17 largest crypto merchant processing services fell to $3.7 million in May from a high of $10.5 million in March. By contrast, bitcoin payments fell to $60 million in May from a peak of $412 million in September.
Adoption in commerce has been slow, in part, because of concentrated ownership. About 56 percent of bitcoin cash is controlled by 67 wallets not located on exchanges, according to Chainalysis. Of those, two wallets hold between 10,000 and 100,000 bitcoin cash, Bloomberg reported. Ver didn’t return the publication’s request for comment. Read more here.