Cornell Professor Believes Bitcoin May Not Last Any Longer

Larry Lease

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Bitcoin may not last much longer, according to financial professor.André François McKenzie/Unsplash

Bitcoin has become a very popular digital currency over the years, leaving many to wonder what the future of the crypto-currency will be. However, one professor believes the digital currency could fade into the sunset very soon.

Cornell University's Senior Professor of International Trade Policy, Eswar Prasad appeared on CNBC saying "Bitcoin may not last that much longer." Bitcoin's price has become highly volatile over the past few years and over the past month we have seen the price fall from $58,000 to less than $46,000. The price on Friday for bitcoin was $45,637. As digital currencies continue to rise in popularity, more and more cryptocurrencies continue to flood the industry, with some more useful and more environmentally friendly than bitcoin.

Blockchain is the technology that is making most digital currencies work. It's a record keeper of digital currency transactions, that is filed all across a global network of computers. Prasad said that bitcoin's use of the technology is not efficient and is environmentally destructive. According to CNBC, the digital currency's carbon footprint is bigger than all of New Zealand. As blockchain technology continues to evolve in regards to the way we conduct daily transactions, Prasad believes it's doubtful that bitcoin will have any actual value other than what the investor's faith gives it.

On a more positive note, digital currencies have forced banks to start considering offering digital versions of their own currencies. These digital currencies could offer a low-cost payment option that everyone can access, increasing financial stability. While bitcoin may have problems, it has launched a digital currency revolution that ultimately could benefit all of us in some way. We just have to wait and see what truly becomes of bitcoin and whether it really does eventually fade into the sunset.

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I specialize in crime, entertainment and political stories. I have spent eight years as a freelance writer and journalist.

Dallas, TX
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