GenPI.co – A senior professor of international trade policy at Cornell University, said the triumph Bitcoin will end soon.
“Bitcoin itself may not last much longer,” he said in an interview with Squawk Box Europe, Saturday (12/18).
There are a number of reasons behind this. Bitcoin is less environmentally friendly and inefficient.
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“Bitcoin’s use of blockchain technology is very inefficient,” he said.
“Bitcoin’s carbon footprint is bigger than the whole of New Zealand,” he continued.
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According to him, Bitcoin does not function well as a medium of exchange and has 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.
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He believes the position of Bitcoin will be eroded by hundreds crypto- another that is now emerging with a number of advantages.
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