This Crypto Exchange Boss Talks about Bitcoin's Future, Bright?

in instablurt •  2 years ago 

The founder of the cryptocurrency trading platform FTX, Sam Bankman-Fried stated Bitcoin has no future as a payment network.

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He also criticized these crypto assets for their inefficiency and the high consumption of carbon to produce them.

Bitcoin, the most popular cryptocurrency creates a process called "proof of work" which requires computers to mine Bitcoins by solving complex mathematical formulas. The mining process requires a large amount of electrical energy.

To solve this problem, an alternative system called a "proof of stake" network is proposed, where users can buy tokens to allow them to join the network. The bigger the tokens they have, the more Bitcoins they can mine.

The Ethereum blockchain, which houses the world's second-largest cryptocurrency ether, has been working to move into this energy-intensive network.

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Sam Bankman-Field, who also serves as chief executive of FTX, said a "proof of stake" network would be needed to develop crypto as a payment network because it is cheaper and less powerful.
He also stated that he doesn't believe Bitcoin should be a cryptocurrency, and that it may still have a future as an "asset, commodity, and store of value," he told the Financial Times, as quoted by Reuters on Tuesday (17/5/2022).
The cryptocurrency trading platform FTX was founded in 2019 and was valued at $32 billion in a funding round that ended last February. Forbes calculates Sam Bankman-Field has a fortune of US $ 21 billion.
Bitcoin is currently struggling to fight various negative sentiments that arise. The price briefly plunged to US$29,000 per coin and became the lowest level since December 2021 due to the collapse of stablecoin TerraUSD.

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