Crypto

Scholar warns that Bitcoin “may not last long”

Although the future of bitcoin is unknown, one academic warned that the world’s most popular cryptocurrency could soon become extinct.

Bitcoin “may not last long”

“Bitcoin itself might not last long,” Eswar Prasad, senior professor of international trade policy at Cornell University, said on CNBC’s “Squawk Box Europe” earlier this month.

While there were only a few cryptocurrencies available in the past, there are hundreds today, some of which are more beneficial and environmentally friendly than bitcoin, by some estimates.

Anyone can speculate on the future of bitcoin, but one professor warned that the world’s most popular cryptocurrency, bitcoin, could be extinct in the near future.

“Bitcoin itself might not last long,” Eswar Prasad, senior professor of international trade policy at Cornell University, said on CNBC’s “Squawk Box Europe” earlier this month.

In recent years, the price of bitcoin has seen dramatic fluctuations, with the price of a coin dropping from more than $ 58,000 to less than $ 46,000 in a single month. In the first 15 minutes of activity on Friday, the price of one bitcoin was $ 45,637.

While there were only a few cryptocurrencies available in the past, there are hundreds today, some of which are more beneficial and environmentally friendly than bitcoin, by some estimates.

Blockchain is the technology that underlies the vast majority of cryptocurrencies. A digital record of virtual currency transactions is maintained and disseminated through a global network of computers, and that is basically bitcoin.

He is also the author of “The Future of Money: How the Digital Revolution is Transforming Currencies and Finance,” which he describes as “a book about the future of money and how the digital revolution is transforming currencies and finance.” “

He said the cryptocurrency “uses an environmentally damaging transaction validation process” and “doesn’t scale very well.” This is because bitcoin’s carbon footprint is larger than that of the entire country of New Zealand.

According to Prasad, several of the newer cryptocurrencies use blockchain technology much more efficiently than bitcoin.

Therefore, he believes that blockchain technology will be “fundamentally revolutionary” in the way that finances are conducted, as well as the way that we do our daily transactions, such as buying a house or a vehicle.

As Prasad put it, “Since bitcoin doesn’t work effectively as a medium of exchange, I don’t think it has any intrinsic value other than what investors place on it. “

Overall, Prasad believes that cryptocurrencies have “prompted central banks to start thinking about introducing digital versions of their own currencies.”

He adds that these digital currencies could be beneficial as they could offer a low-cost payment alternative that everyone has access to, thus improving financial inclusion and, perhaps, financial stability for everyone.

While bitcoin may not be to everyone’s liking, Prasad believes it has started a revolution that will ultimately benefit us all, directly or indirectly.

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