Even though Bitcoin’s market cap topped $ 1 trillion earlier this year, there are still skeptics who believe that the largest cryptocurrency may not last long.
Eswar Prasad, professor of trade policy at Cornell University, recently predicted in an interview with CNBC that the days of Bitcoin may be numbered.
The Indian-American economist is convinced that in the end blockchain will be Bitcoin’s greatest legacy.
Prasad objects to Bitcoin’s “environmentally destructive” proof-of-work consensus mechanism, adding that it is new green alternatives:
I think the promise of decentralized funding using blockchain is real, but Bitcoin itself might not hold for a long time.
Nor does the economist believe that Bitcoin has any fundamental value, as it cannot serve as a suitable medium of exchange.
Still, he admits that Bitcoin has sparked « a revolution » in payments, and points to the fact that the central bank is now rushing to issue its own digital currencies:
In my view, central bank currencies will remain dominant as a store of value.
Bitcoin has already garnered 435 media obituaries, with the oldest dating back to December 2010 ($ 0.23).
Still, the crypto king has always managed to get stronger than ever, hitting a new all-time high of $ 69,000 in the last month.
Some of Bitcoin’s fiercest critics remain defiant despite the cryptocurrency’s gains. In May, Berkshire Hathaway vice chairman described his success as « gross. »
Microstrategy CEO Michael Saylor, on the other hand, who predicted the Bitcoin days would be numbered in 2013, is now one of the cryptocurrency’s biggest cheerleaders.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience reporting on everything to do with the emerging industry – from price analysis to blockchain disruptions. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that will shape the future of digital assets. He can be contacted at [email protected]
Disclaimer: All financial and market information posted on U.Today is for informational purposes only. Do your own research by consulting financial experts before making any investment decisions.
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