Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, has said that Bitcoin has no future as a payments network, according to a Financial Times report.
The report also has it that Bankman-Fried criticized Bitcoin for its inefficiency and high environmental costs.
“The Bitcoin network is not a payments network and it is not a scaling network,” the report quoted Sam Bankman-Fried as saying.
Bitcoin, the world’s largest cryptocurrency, touched its lowest since December 2020 last week after the collapse of TerraUSD stablecoin.
