The founder of FTX, Sam Bankman-Fried, informed the Financial Times that he does not believe bitcoin has a future as a payments network criticising the digital currency for its high environmental costs and inefficiency.
Bankman claimed that Bitcoin may have a future as “an asset, a commodity and a store of value” such as gold but not as a payments network.
Bankman said that “proof of stake” networks will be needed to “evolve crypto as a payments network as they are cheaper and less power hungry”
The Ethereum blockchain, which has the second-biggest cryptocurrency Ether (ETH), has been operating to step into this energy-intensive network.
Bitcoin dropped to its lowest since December 2020 last week after the so-called stablecoin, TerraUSD collapsed leaving a lot of investors in a big loss. Subscribe to The Crypto Times for more Market Updates.
