FTX Founder and Chief Executive Sam Bankman-Fried told FT that "proof of stake" networks would be required to evolve crypto as a payments network as they are cheaper and less power hungry.
Blockchain Ethereum, which houses the second-largest cryptocurrency ether, has been working to move to this energy-intensive network. Bankman-Fried also said he didn't believe bitcoin had to go as a cryptocurrency, and it may still have a future as "an asset, a commodity and a store of value" like gold, the report said.
Bitcoin touched its lowest since December 2020 last week after the collapse of TerraUSD, a so-called stablecoin. FTX, which Bankman-Fried co-founded in 2019, was valued at $32 billion in a February funding round, and Bankman-Fried himself is worth $21 billion, according to Forbes.Reporting by Shubham Kalia in Bengaluru; editing by Uttaresh.VSign up to our investor newsletter to get the latest news and trends in global financial markets.
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