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Bitcoin

According to Professor Cornell, the days of Bitcoin are numbered

December 20, 2021 - Around 2 mins mins to read

Although Bitcoin’s market cap hit $ 1 trillion earlier this year, there are skeptics who believe that the largest cryptocurrency is unlikely to last much longer.

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 believes that blockchain will become Bitcoin’s greatest legacy.

Prasad opposed the consensus mechanism for Bitcoin’s “environmental destruction” adding that these are the new green alternatives:

I think the promise of decentralized funding with blockchain is real, but Bitcoin itself may not last long.

Nor does the economist believe that Bitcoin has any fundamental value because it cannot function as a suitable medium of exchange.

However, he conceded that Bitcoin had “started a revolution” in payments, citing the fact that central banks are now rushing to issue their own digital currencies:

In my view, the central bank currency will continue to prevail as a store of value.

Prasad also praised Fiat-linked stablecoins for creating a more efficient way of changing money.

Bitcoin obituaries continue to evolve

Bitcoin has accumulated 435 obituaries in the media, with the oldest dating from December 2010 ($ 0.23).

However, the crypto king is always trying to be stronger than ever and hit a new all-time high of $ 69,000 last month.

Some of Bitcoin’s fiercest critics remain defiant despite the cryptocurrency’s gains. In May, Berkshire Hathaway vice chairman described the success as “gross.”

Microstrategy CEO Michael Saylor, on the other hand, who predicted the numbered day of Bitcoin in 2013, is now one of the cryptocurrency’s biggest cheerleaders.

Bitcoin

According to Professor Cornell, the days of Bitcoin are numbered

Although Bitcoin’s market cap hit $ 1 trillion earlier this year, there are skeptics who believe that the largest cryptocurrency is unlikely to last much longer.

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 believes that blockchain will become Bitcoin’s greatest legacy.

Prasad opposed the consensus mechanism for Bitcoin’s “environmental destruction” adding that these are the new green alternatives:

I think the promise of decentralized funding with blockchain is real, but Bitcoin itself may not last long.

Nor does the economist believe that Bitcoin has any fundamental value because it cannot function as a suitable medium of exchange.

However, he conceded that Bitcoin had “started a revolution” in payments, citing the fact that central banks are now rushing to issue their own digital currencies:

In my view, the central bank currency will continue to prevail as a store of value.

Prasad also praised Fiat-linked stablecoins for creating a more efficient way of changing money.

Bitcoin obituaries continue to evolve

Bitcoin has accumulated 435 obituaries in the media, with the oldest dating from December 2010 ($ 0.23).

However, the crypto king is always trying to be stronger than ever and hit a new all-time high of $ 69,000 last month.

Some of Bitcoin’s fiercest critics remain defiant despite the cryptocurrency’s gains. In May, Berkshire Hathaway vice chairman described the success as “gross.”

Microstrategy CEO Michael Saylor, on the other hand, who predicted the numbered day of Bitcoin in 2013, is now one of the cryptocurrency’s biggest cheerleaders.

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