Emil Oldenburg, co-founder of, has sold all of his crypto funds in Bitcoin and switched to Bitcoin Cash (BCH). He thinks the Bitcoin market lacks liquidity and the future belongs to BCH, a relatively new cryptocoin that appeared after a Bitcoin hard fork in August 2017. The news had an immediate effect on the price of Bitcoin Cash, pushing it up by 24% in less than two hours.

The current CTO of, one of the largest Bitcoin wallet and services providers, believes that everyone should follow his example.

“I would say an investment in Bitcoin is right now the riskiest investment you can make. There’s an extremely high risk,” Oldenburg told Swedish tech news site Breakit. 

“I have in fact sold all my Bitcoins recently and switched to Bitcoin Cash,” he added.

Oldenburg is mostly concerned about Bitcoin issues such as high transaction fees and confirmation time. According to some estimates, the cost of a Bitcoin transaction doubles every quarter, and each transaction needs over four hours on average to get approved in the blockchain. is generating massive revenues, mostly thanks to the astonishing surge in Bitcoin’s price. Besides the wallet services, news department, and Bitcoin-based online casino, the company also has a “mining pool”, which is its most lucrative division.

Oldenburg, Swedish by nationality and based in Tokyo for three years now, said that company members have benefited greatly from the Bitcoin price jump as all 60 employees are paid in Bitcoin, including himself.

However, he believes the time for a change has come. The first argument in favor of the switch is the lack of liquidity in the Bitcoin market. Oldenburg went even further by saying that the old Bitcoin network is “virtually unusable.”

The CTO revealed that is turning its attention to Bitcoin Cash instead of the old Bitcoin network, which has been led by “fanatical Bitcoin talibans” who do not want to implement changes.

Following the news, BCH rose from around $1,895 to the current level of $2,365.