Bitcoin: After the discovery of the omicron variant of the SARS-CoV-2 coronavirus, Bitcoin began to decline, even operating at values in the region of US$45,000. According to Eswar Prasad, senior professor of international trade policy at Cornell University, the currency should continue to decline and cease to become the most popular cryptocurrency on the market.
In addition to teaching, Prasad is also the author of the book “The Future of Money: How the Digital Revolution is Transforming Currencies and Finance”. The expert believes that Bitcoin technology is no longer as efficient, and he is not the only one.
Other analysts believe that the currency affects the sustainability of the world because it requires abusive amounts of energy that, in most cases, are not sustainable.
Blockchain: the future of finance
While not trusting Bitcoin’s journey, Prasad says blockchain technology will be fundamental and transformative in how people and businesses conduct financial transactions.
“Since Bitcoin is not serving well as a medium of exchange, I don’t think it will have any fundamental value beyond whatever value the investor’s faith leads it to have. As much as you dislike Bitcoin, it has really sparked a revolution that can benefit us all, directly or indirectly,” the academic told CNBC.
As revealed by the author, the birth of Bitcoin created a reality where digital currencies can benefit society and even create more options, enabling decentralized financial inclusion among people of all genders, races and social classes.