Professor Says Cryptos Are The Future, But Bitcoin Isn’t!

This professor knows for sure: cryptos and blockchain are the future and will become much more part of our lives. Bitcoin, on the other hand, does not.

We can’t avoid it, cryptos are going to rule our lives even more. A professor of economics at Cornell University confirms this. He says the promise of decentralized finance (defi) using blockchain technology is real. But it turns out that Bitcoin doesn’t exist that long anymore. Nevertheless, he admitted that Bitcoin “has really sparked a revolution that could benefit all of us directly or indirectly.”

Professor says cryptos are the future

Eswar Prasad, an economics professor at Cornell University, spoke about Bitcoin, as well as cryptocurrencies, blockchain technology, decentralized finance (defi), and central bank digital currencies. He did this in a recent interview with CNBC, which was released last week published.

Prasad is the author of “The Future of Money: How the Digital Revolution is Transforming Currencies and Finance”. He is the senior professor of trade policy at Cornell University. Before that, he was head of the financial studies division of the research division of the International Monetary Fund (IMF). And head of the China department of the IMF, smart guy you might say. Noting that blockchain technology will be “fundamentally transformative” in finance and in the way we conduct our day-to-day transactions, he said the following.

“The promise of decentralized financing using blockchain technology is real, but Bitcoin itself may not be around much longer.”

Bitcoin

The economics professor explains: “Bitcoin’s use of blockchain technology is not very efficient. It uses a validation mechanism for environmentally destructive transactions. And not very good at scaling.” He claimed that there are newer cryptocurrencies that use blockchain technology much more efficiently than Bitcoin.

Since Bitcoin also doesn’t serve well as a medium of exchange, he doesn’t think it will have any fundamental value other than investor confidence. And other coins do. Therefore they will be worth more. This will decrease the value of Bitcoin.