Bitcoin Has No Future As a Payments Network, Says FTX’s CEO

Bitcoin has no future as a payments network because of its inefficiency and high environmental costs, according to one of crypto industry’s most influential personalities Sam Bankman-Fried (SBF). Bitcoin Still Has a Future as an Asset Appearing in an interview with the Financial Times, the FTX chief stated that proof of work cryptocurrencies like Bitcoin (BTC) is not capable of scaling up to handle millions of transactions that are needed to make the cryptocurrency an effective means of payment. “The bitcoin network is not a payments network and it is not a scaling network,” Bankman-Fried told the publication. Despite his apprehensive views on the flagship cryptocurrency, he believes BTC still has a place in the crypto market. “I don’t believe bitcoin has to go as a cryptocurrency, and it may still have a future as an asset, a commodity and a store of value such as gold,” Bankman-Fried added. Many crypto market enthusiasts are also of the view that Bitcoin (BTC) works better as a store of value rather than as a means of payment. Bitcoin Adoption Still Has a Long Way to Go However, there are some countries that see Bitcoin’s potential as a means of payment. For instance, El Salvador and the Central African Republic have already made Bitcoin a legal tender. While the two countries did accept Bitcoin as a legal payment method, the adoption isn’t much. Recent academic studies in the US show that Bitcoin has been rarely used for pa...