Sorry Crypto Lovers, Bitcoin Is Predicted to End Soon
A senior professor of international trade policy at Cornell University said Bitcoin would be short-lived. “Bitcoin itself may not last much longer,” he said in a Squawk Box Europe interview.
The price of Bitcoin has fluctuated a lot over the last few years. In the past month the price of one coin has dropped from around US$58,000 to less than US$46,000.
There are a number of reasons behind this. Bitcoin is less environmentally friendly and inefficient.
"Bitcoin's use of blockchain technology is very inefficient," said the author of "The Future of Money: How the Digital Revolution is Transforming Currencies and Finance."
"Bitcoin's carbon footprint is bigger than the rest of New Zealand."
Bitcoin is also said to not function well as a medium of exchange. He said there was no fundamental value.
"Given that Bitcoin doesn't function well as a medium of exchange, I don't think it will have any fundamental value other than whatever investor confidence it has," Prasad said.
He believes the Bitcoin police will be crushed by hundreds of other cryptocurrencies that are now emerging with a number of advantages. However, he does not deny that Bitcoin has sparked a profitable revolution, directly or indirectly.
Post a Comment