The head of the FTX crypto exchange agrees with Elon Musk: «Bitcoin has no future as a network for daily payments»

Sam Benkman-Fried, CEO of the FTX cryptocurrency exchange, is convinced that bitcoin is not suitable for daily payments due to its low scalability when it comes to hundreds of thousands of transactions and negative environmental impact.

«You might as well pay for purchases in stores with gold bars. It would be ridiculous, absurd, and incredibly expensive. And I’m sure it would have a bad impact on the environment,» the FTX CEO is sure.

Nevertheless, he believes that bitcoin will remain a popular means of accumulating assets for their preservation. However, for daily transactions, he believes that people will prefer something based on Proof-of-Stake (PoS).

Elon Musk agrees with this opinion, and at the end of 2021, he stated that Dogecoin is better suited for microtransactions than BTC. His arguments were the same: bitcoin is good as a store of value, and alternative cryptocurrencies are better suited for daily transactions, even if they are exposed to inflation due to token issuance.