Bitcoin's future questioned by top cryptocurrency exchange CEO

The CEO for one of the world's top cryptocurrency exchange platforms has questioned Bitcoin's future as a payment network.

@JakConnorTT
Published Tue, May 17 2022 1:31 AM CDT   |   Updated Sun, Jun 5 2022 9:04 PM CDT

The future of Bitcoin as a payment network was questioned by FTX CEO Sam Bankman-Fried, who recently criticized many aspects of the digital currency.

The founder and CEO of FTX, which often goes by his initials as SBF, said that Bitcoin has very little future as a payments network due to its inefficiency and high environmental costs associated with its proof of work algorithm. The 30-year-old billionaire went on to say that the BTC network isn't capable of handling thousands/millions of transactions-per-second (TPS), but also mentioned that BTC can be transferred over a layer two protocol such as Lightning.

However, Bankman-Fried also took to Twitter to clarify that criticisms weren't all that he said, as he mentioned that Bitcoin could have a potential future in becoming a store of value. If that were to become Bitcoin's future, the digital currency would change from being viewed as a currency to an asset, similar to how gold is viewed.

Read more: YouTuber buys $3 million of a crypto coin, 1 day later worth $1,000

Bitcoin's future questioned by top cryptocurrency exchange CEO 01 | TweakTown.com
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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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