Salem Radio Network News Tuesday, July 5, 2022

Science

FTX chief says Bitcoin has no future as a payments network – Financial Times

(Reuters) – Cryptocurrency exchange FTX’s founder has said that Bitcoin has no future as a payments network and criticized the digital currency for its inefficiency and high environmental costs, the Financial Times reported on Monday.

“The Bitcoin network is not a payments network and it is not a scaling network,” the report quoted FTX founder and Chief Executive Officer Sam Bankman-Fried as saying.

Bitcoin, the world’s largest cryptocurrency, touched its lowest since December 2020 last week after the collapse of TerraUSD, a so-called stablecoin.

(Reporting by Shubham Kalia in Bengaluru; editing by Uttaresh.V)

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