SBI Present Had Planned To Promote Bitcoin Cash
SBI, a Japanese finance company, was going to promote Bitcoin Cash – but opted not to. The company’s president, Yoshitaka Kitao, revealed that he decided otherwise because of a contentious hard fork that split Bitcoin Cash into Bitcoin SV and Bitcoin SVC. He stated in a YouTube video,
“he is not a fan of cryptocurrencies that regularly forks.”
He continued therein,
“Coins that frequently hard fork are ridiculous. I was going to promote BCH, but Jihan and Craig ended up fighting, and ABC and SV were born. Jihan side won and inherited the name BCH, but I decided to quit both. This caused the market cap for both coins to fall.”
He also added that he would have promoted Bitcoin Cash prior to the hard fork. However, the distance between former Bitmain CEO Jihan Wu and Craig Wright had altered his position. He may have made the right decision, in retrospect because, after the split, Bitcoin Cash decreased by 50% and began trading in parity with Bitcoin SV.
SBI Finance’s decision is a big one, especially because Japan has been moving toward adoption, all the while being mindful of regulations, while also protecting customers. The good news is that even with the decision to forgo Bitcoin Cash, the platform still supports Ripple (XRP) as they take the position that its large customer base worldwide would accept Ripple. The company also revealed last month that it has gotten a new subsidiary to manufacture crypto mining systems and chips, which shows its move toward digital currencies.