BTCUSD has no future as a payment network, says FTX chief Sam Bankman-Fried

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BTCUSD has no future as a payment network, says FTX chief Sam Bankman-Fried

Sam Bankman-Fried, a billionaire founder and CEO of FTX, believes thatBTCUSD has no future as a payment network.

What Happened: In an interview with the Financial Times on Monday, Bankman-Fried said that more energy-efficient proof-of- stake blockchains would be required to evolve it as a transactional layer.

He said that the network ofBitcoin is not a payment network and it is not a scaling network.

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It requires a lot of computing power to verify transactions because of the Proof-of-Work consensus model. There is concern about the amount of energy consumed when mining cryptocurrencies, as well as other proof-of-work cryptocurrencies.

Last year, Tesla Inc TSLA backtracked on its decision to accept BTC as payment, citing environmental concerns surrounding the digital asset.

Bankman- Fried joins a growing list of critics who believe proof-of- stake cryptocurrencies are the best way forward for payments.

The FTX chief doesn't believe thatBitcoin has no use cases as a criptocurrency. He believes that it could still have a future as an asset, a commodity and a store of value. The FTX CEO said in a tweet after the interview that it does have potential as a store of value. The BTC network can't sustain thousands of TPS, although BTC can be transferred on lightning, layer 2 s, etc. The price action was down by 1.04% over the course of 24 hours, according to data from Benzinga Pro.