FTX CEO Sam Bankman-Fried has questioned Bitcoin’s ability to become a popular payment system due to the inefficiency and high environmental costs of blockchain. This is reported by the Financial Times.

The senior executive noted the lack of ability to scale the network to “millions of transactions”. [в секунду]. Bankman-Fried believes that Proof-of-Stake (PoS) or other technological innovations will be necessary to create a functional crypto payment network.

“Blockchain should be extremely efficient, lightweight, and have low energy costs. It’s on PoS. We shouldn’t scale Bitcoin so much that it increases miners’ electricity consumption a hundredfold.”explained.

The CEO of FTX emphasized that the first cryptocurrency can remain an asset, an exchange commodity and a store of value.

“I don’t think Bitcoin should disappear”Bankman-Fried explained.

FTX CEO then high TPS It can be solved with L2 solutions like Lightning Network.

To be clear, I also said it has the potential to store value.

BTC network can’t sustain thousands/millions of TPS, but BTC lightning/L2s/etc. https://t.co/7ghQzz7eXa

— SBF (@SBF_FTX) 16 May 2022

Previously, El Salvador and the Central African Republic approved bitcoin as a means of payment. A recent study showed a low adoption rate of the first cryptocurrency in a Latin American country.

Recall that the Committee on Economic and Monetary Affairs of the European Parliament passed a bill on the regulation of MiCA cryptocurrencies in March 2022. The final version did not include a change to the Proof-of-Work consensus algorithm that prohibits mining.

A month later, a group of US congressmen asked the Environmental Protection Agency to review the mining industry for environmental risks and compliance with applicable laws.

In May, the Norwegian parliament rejected a bill banning mining in the country.