Prasad stated that Bitcoin’s lack of efficiency and its inability to facilitate exchange as a mode of payment will be the reason for its downfall.
The future of Bitcoin is hard to predict, but Eswar Prasad, an international trade policy professor at Cornell University has warned that the world’s most popular cryptocurrency could fade out in the near future.
In a recent interview with CNBC, Prasad stated that Bitcoin’s lack of efficiency and its inability to facilitate exchange as a mode of payment will be the reason for its downfall.
Blockchain is the underlying technology behind cryptocurrencies. Bitcoin and the thousands of cryptocurrencies are essentially codes recorded on a blockchain that gets longer and longer as more people use them. Prasad believes that Bitcoin’s use of blockchain technology is not very efficient
Despite the recent cryptocurrency price decline, most millennial millionaires have invested in cryptocurrencies and are planning to add more to their portfolio by 2022, according to a recent survey by the CNBC.
The survey revealed that at least 83 per cent of American millennial millionaires own cryptocurrencies, and more than 53 per cent have half of their wealth in crypto and nearly a third have at least three-quarters of their wealth in Bitcoin, Ether and other cryptocurrencies.
It should be noted that a millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. While a millennial, as per definition, is someone born between 1981 and 1996.
Millenials as investors are probably more crypto-forward than others, according to the survey. “The crypto holdings of millennial millionaires stand in stark contrast to older generations of millionaires. Only 4 per cent of baby boomers (people born between 1946 to 1964) hold any cryptocurrency, while more than three quarters of Gen X investors (people born between 1965-1980) don’t own any crypto assets.”
About 48 per cent of that millennial group that was surveyed confirmed they plan to increase their cryptocurrency investments in 2022, while 39 per cent said that they will maintain at their current levels. In fact, only 6 percent reported plans to lessen their crypto investments next year.
Meanwhile, in November, a survey by data analytics firm Engine Insights showed that at least 59 per cent two thirds of Gen Z respondents (born between 1997 and 2012) believe that they could become well off by investing into digital currencies
