Bitcoin is the largest cryptocurrency currently in use. It currently trades at $46,340 with a market capital of $875,674,187.883. It is the most valuable cryptocurrency and has the largest market capital of all cryptocurrencies.
However, Bitcoin might not be able hold onto the throne long enough. According to a senior expert, cryptocurrency might not exist in the future.
CNBC was informed by Eswar Prasad (senior professor at Cornell University) that Bitcoin may not last as long.
Prasad, the author of The Future of Money: How the Digital Revolution Is Transforming Currencies, stated that Bitcoin’s use of the Blockchain technology is not efficient.
Prasad’s primary criticism of Bitcoin is its use of an ‘environmentally destructive’ validation mechanism and inability to scale up.
Bitcoin’s volatile past has seen it hit its highest point earlier in the year. The token has fallen by more than 20 percent in the last 30 days. It is up by more than 47 percent year to-date.
Prasad stated that Bitcoin was not performing well as a medium for exchange and that it doesn’t have any fundamental value beyond what an investor believes it should have.
Prasad said that Bitcoin’s popularity and initial development have allowed other cryptocurrencies to create new methods of transactional verification while increasing the efficiency of the underlying Blockchain technology.
Prasad stated that despite not liking Bitcoin, the revolution it has sparked has been beneficial to all of us, either directly or indirectly. Newer cryptocurrencies, like Solana, have the potential to allow DeFi websites and platforms to flourish, and also to facilitate the transfer and exchange NFTs, which are gaining popularity rapidly.
Bitcoin isn’t the only major cryptocurrency to have seen a decline in value over recent weeks. The prices of major altcoins such as Ethereum, Solana and Cardano, Avalanche Polkadot, Polkadot, Avalanche, Polkadot, and others have also fallen.