Eswar Prasad, senior professor of international politics at Cornell University and author of the book “The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance”, came to the fore with his negative comment about Bitcoin. According to the professor, Bitcoin may not survive for long.
What causes Prasad to think so is Bitcoin’s lack of efficiency and its inability to facilitate shopping as a form of payment.
Prasad also argued that other emerging cryptoassets are more efficient than Bitcoin, claiming that most digital assets will likely disappear once central banks introduce CBDCs.
The emergence of CBDCs will be critical, according to Prasad, as they will make low-cost payment options simpler and, in turn, increase financial inclusion.
On the other hand, underlining that no currency can experience a continuous increase in value, the Professor suggested that the same situation can happen to Bitcoin, in addition, the leading cryptocurrency does not have a fundamental value due to its high volatility.
Indeed, Bitcoin and the overall cryptocurrency market have experienced strong volatility in recent weeks. However, according to many, the volatility of BTC is not something to its detriment, but rather one of the most important reasons for its preference.
Because while 10 percent changes in other markets are considered very large, this rate is extremely reasonable for crypto money markets.