FTX chief says Bitcoin has no future as a payments network: report

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.

"The Bitcoin network is not a payments network and it is not a scaling network," the report quoted FTX founder and chief executive officer Sam Bankman-Fried as saying.

Bitcoin, the world's largest cryptocurrency, touched its lowest since December 2020 last week after the collapse of TerraUSD, a so-called stablecoin.