FTX CEO Thinks Bitcoin Has No Future as a Payment System

According to Sam Bankman-Fried, bitcoin is similar to gold rather than a successful payment system.

Sam Bankman-Fried – Chief Executive Officer of the crypto exchange FTX – argued that bitcoin will not emerge as a global payment network. He labeled it inefficient and harmful to the environment due to its proof-of-work mining model. However, he doesn’t believe BTC “has to go” as it could serve as a store of value similar to gold.for the Financial Times, Sam Bankman-Fried criticized bitcoin for being unable to process a large number of transactions at a cheap cost.

“Things that you’re doing millions of transactions a second with have to be extremely efficient and lightweight and lower energy cost. Proof-of-stake networks are.” One such cryptocurrency project working on switching from PoW to PoS mining model is Ethereum. The transition, known as “The Merge,” should make it more environmentally suitable and will significantly cut the network’s energy costs. Last month, Ethereum’s leading developer – Tim Beiko –SBF did not completely reject bitcoin.

At the beginning of 2022, Solana’s network suffered an outage that caused panic among its users and traders across the crypto community. Despite the issue, SBF remained bullish on it,

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