Aesthetics warns that Bitcoin will be phased out soon and in the future.

Eswar Prasad, an expert in international trade law at Cornell University in the United States, predicts that Bitcoin "will not last long" and will disappear in the near future, according to overseas media reports.

Prasad is the author of The Future of Money. He pointed out that the use of Bitcoin blockchain technology is not cost effective and cannot be relied on using the industry's mechanism of environmental impact assessment. In fact, Bitcoin's carbon footprint is larger than that of New Zealand as a whole.

Prasad believes that the performance of the blockchain technology used by some of the newer cryptocurrencies is superior to that of Bitcoin. He believes blockchain technology could "transform" the way businesses operate and the economy today (like buying a car and buying a house).

“Because Bitcoin is not a good medium of exchange, I don't think it is worth more than the value it offers to investors,” Prasad pointed out. We are starting to make the decision to give ourselves digital advantages.

This strengthens financial accounting and security by giving everyone access to lower cost options. “Some people may not like Bitcoin, but it makes a difference that will benefit everyone, directly or indirectly,” said Prasad.