FTX's billionaire chief says bitcoin has no future as a payments network- FT


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.

Bitcoin, the world's largest cryptocurrency, is created by a process called "proof of work" that requires computers to "mine" the currency by solving complex puzzles. Powering these computers needs large amounts of electricity.

Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Bitcoin , FTX , Sam Bankman

   

Next In Business News

Ringgit maintains stronger footing at the close
Gagasan Nadi Cergas to acquire student hostel concession for RM185mil
F&N ends FY24 with higher net profit of RM542.77mil
Bursa Malaysia reverses early losses to end higher ahead of MPC outcome
Proton October sales up 13.6%, YTD hits 125,557 units
TCS secures RM86.38mil construction contract from Sime Darby Property
Oil trades in tight range ahead of US election
China shares jump, dollar skittish with all eyes on US Election Day
Bank Negara unveils key principles to harness Islamic finance for economic growth
Aneka Jaringan unit secures RM39mil contract for KL project

Others Also Read