Bitcoin Cash Is A Must-own, Says Crypto Investor Brian Kelly

Cryptocurrency investor Brian Kelly said Monday bitcoin cash is the must-own digital currency of the moment.

On Saturday, bitcoin cash miners met to discuss funding for a bitcoin cash development fund, he told CNBC.

In the fund, miners are "going to take some of the rewards they get from mining and put it in a fund to build stuff on top of bitcoin cash," Kelly said on " Fast Money."

"That's how blockchains gain value," he added. "You're going to be getting more use cases to the extent that usefulness translates into value. That could be a positive for bitcoin cash."

"That's a place I want to buy," said Kelly, who is founder and CEO of BKCM, an investment firm focused on digital currencies.

Bitcoin cash was priced at $1,233.25 at 6 p.m. ET Monday. While it declined from its $1,300 price the week of May 14, bitcoin cash was still valued significantly higher than its April 17 level of $763 .

The crypto market watchers were expecting the most notable digital coin of all, bitcoin , to rally during Blockchain Week New York . Instead, the coin declined about 10 percent, briefly falling below the $8,000 level. Bitcoin, priced around $8,400 Monday at 5:30 p.m. ET, is down about 5 percent in the last month.

Source: CNBC