Bitcoin Cash (BCH) stands as one of the most prominent Bitcoin hard forks. At its peak, BCH reached a price equivalent to a quarter of Bitcoin's value, but today, it trades at just 1/40th of BTC's price. Behind these dramatic price swings lies an epic battle of ideologies—a conflict born from philosophical disagreements, fought with financial warfare, and ending in a multi-sided defeat.
Yet, declaring BCH a failure now would be premature. It remains a top-five cryptocurrency by market cap, backed by a loyal community. Among its supporters, one figure stands out: Jiang Zhuo'er.
Who Is Jiang Zhuo'er? Why Does His Opinion Matter?
Jiang Zhuo'er publicly shares his portfolio allocation as "4321":
- 40% BCH
- 30% BTC
- 20% ETH
- 10% innovative altcoins (e.g., EOS)
He argues that BTC's scalability issues will resurface in the next bull market, mirroring the previous cycle. This, he believes, will drive attention and capital toward BCH, pushing its price significantly higher against BTC.
Key Reasons Jiang Zhuo'er Matters:
- Investment Titan: Entered the crypto space alongside Nan Gongyuan, starting with two mining GPUs. Built a mining pool empire and multiplied his wealth exponentially.
- Educator: Wrote What Is Bitcoin?—likely the most-read Bitcoin primer on Zhihu, essential reading for crypto newcomers.
Trend Forecaster:
- Predicted the 2017 bull run in ¥4000 Is Just the Start of Bitcoin’s Bull Market.
- Exited the 2018 market at peak prices.
- Accurately called the last cycle’s bottom at $3,000.
(Yet he stresses: "Short-term prices are unpredictable—ask God.")
- Low-Key Reliability: Rarely endorses ICOs or teams, avoids public appearances, but actively shares insightful analyses online.
Part 1: BCH’s Turbulent History
Bitcoin’s design—7 transactions per second, halving every four years—sparked discontent when Core developers refused to increase block sizes. Critics feared soaring fees would hinder adoption.
Wu Jihan, Bitmain’s co-founder (and Bitcoin whitepaper translator), took action. On August 1, 2017, he spearheaded the Bitcoin hard fork, creating BCH. Bitmain envisioned BCH surpassing BTC by:
- Controlling supply via mining dominance.
- Reinvesting mining profits to boost BCH’s price.
BCH skyrocketed from $400 at launch to $9,500. But the 2018 bear market hit harder than expected:
- Bitmain lost billions; flagship S9 miners plummeted from $2,700 to $300.
- The BCH vs. BSV hash war drained resources, leaving both weakened.
Part 2: BCH’s Current State
Key Advantages:
- Faster transactions and lower fees than BTC.
- Growing merchant adoption (90% of BTC-accepting businesses also take BCH).
- Slovenia leads globally with 432 BCH-friendly retailers—80% of daily necessities purchasable via crypto.
Challenges:
- Centralization: 56% of BCH held by 67 non-exchange wallets (per Chainalysis).
- Price remains detached from real-world utility (for now).
Part 3: The Road Ahead
Proponents argue that when BTC’s next congestion crisis hits—with fees potentially exceeding $100 per transfer—BCH’s utility will shine. Bitmain, holding substantial BCH reserves, is poised to capitalize.
Catalysts to Watch:
- Bitmain’s rumored new mining rigs (launching December).
- Potential U.S. IPO momentum.
- Jiang Zhuo’er’s cryptic “spend all bullets by October” hint.
👉 Discover how market cycles influence crypto strategies
FAQs
Q: Can BCH realistically flip BTC?
A: Unlikely soon, but BTC’s scaling flaws may fuel BCH’s relevance in high-fee environments.
Q: Why trust Jiang Zhuo’er’s predictions?
A: His track record (2017 bull run, 2018 exit) lends credibility, though crypto remains volatile.
Q: Is BCH centralized?
A: Yes—top wallets control过半 supply, a hurdle for decentralization advocates.
Q: Where is BCH most used?
A: Slovenia leads, with Japan and Australia gaining traction.
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Final Thoughts: BCH’s fate hinges on BTC’s scalability failures and Bitmain’s strategic moves. While overtaking BTC is a long shot, its niche in fast, low-cost transactions keeps it in the race.