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Professor Warns Bitcoin May ‘Not Last Longer’

The future of Bitcoin is anyone’s guess. However, one of the professors believes that the most popular cryptocurrency in the world may disappear in the very near future.

However, he believes that the cryptocurrency has brought about a real revolution.

As he revealed to CNBC, prasad walls, a distinguished professor of international trade policy at Cornell University, considers that "Bitcoin alone may not last much longer." Although the future of Bitcoin is uncertain and there are many sensations, the professor believes that it will disappear in the near future.

Before, the world only knew of a few cryptocurrencies. However, today there are hundreds of others, more beneficial and environmentally sustainable than Bitcoin. Also, the price of this has been very volatile lately.

Using bitcoin in blockchain technology is not very efficient.

Saeed Prasad, author of The Future of Money: How the Digital Revolution is Transforming Currency and Finance.

According to him, the cryptocurrency “uses an environment-destroying transaction validation mechanism,” with new cryptocurrencies whose technology is more efficient. In fact, the carbon footprint of Bitcoin outperforms New Zealand.

Eswar Prasad, Senior Professor of International Trade Policy at Cornell University

Eswar Prasad, Senior Professor of International Trade Policy at Cornell University

The professor believes that blockchain technology will be transformative in the way that financing will take place and the way that day-to-day transactions will be conducted.

Given that bitcoin does not perform well as a tool of exchange, I don't think it has any fundamental value other than what an investor's faith drives into owning it.

You have referred to Prasad.

On the other hand, the professor said that digital currencies can be beneficial, as they can provide a lower payment option accessible to everyone, increase financial inclusion, and possibly stability.

As much as I don't like Bitcoin, it sparked a revolution that will eventually benefit us all, directly or indirectly.

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