Jakarta, CNBC Indonesia – Some bad news is coming cryptocurrency. One of them is about predicting the immediate expiration of Bitcoin.
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 an interview with Squawk Box Europe CNBC International, this weekend.
The price of Bitcoin has fluctuated a lot over the last few years. In the past month the price of a single 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 work well as a tool 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.
Not only that, other bad news also came from Russia. The Red Bear Country’s central bank confirms the future of crypto is bleak.
Crypto assets, which are often tools of illegal activities. Such as arms trade, narcotics, money laundering, and so on will be difficult to accept as legal tender.
“We do not recommend that Russian economic actors use or invest in cryptocurrencies. This can be stated in policy,” said the Governor of the Central Bank of Russia Elvira Nabiullina, as quoted from Reuters.
Valeriy Lyakh, Head of the Division of Enforcement of Financial Market Deviations of the Central Bank of Russia, stated that investing in crypto assets is pure fraud and a financial pyramid. The crypto market is unregulated and highly volatile.
“We have a negative view of cryptocurrencies. We do not support any form of circulation in this country,” said Lyakh, as reported by the media.
Therefore, a number of sources reveal that Russia is soon preparing to issue a ban on crypto assets. A source stated that the position of the Russian central bank is to completely reject all forms of crypto assets.
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