Bitcoin’s days are numbered, according to academic

Cornell University senior professor of international trade policy Eswar Prasad has told CNBC’s Squawk Box Europe that “Bitcoin itself may not last that much longer”.

Prasad went on to explain that while Bitcoin (BTC) was the groundbreaking cryptocurrency of its time, it’s now competing against thousands of new cryptocurrencies that use blockchain technology more efficiently.

Echoing a popular criticism against BTC, he argued that the cryptocurrency uses a “validation mechanism for transactions that is environmentally destructive”. Plus, the Proof of Work model does not scale well. With BTC’s current carbon footprint bigger than that of some individual countries, Prasad’s criticism is shared by many.

Even crypto-forward places such as New York State are protesting against the mass push for BTC and calling for greener sources of energy for BTC mining.

However, Prasad is not prepared to deny the benefits of the blockchain technology which is set to “fundamentally transform” the way we conduct day-to-day transactions.

“Given that Bitcoin is not serving well as a medium of exchange, I don’t think it’s going to have any fundamental value other than whatever investor’s faith leads it to have”, Prasad added, reflecting a popular belief that BTC is only alive because of the immense backing it has received from investors such as Tesla, Visa, PayPal and others.

Prasad acknowledged that many people do not like BTC but said the currency has ultimately set off a revolution that could end up being universally beneficial.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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