Future of bitcoinWhile it is impossible to predict the future, one academic warns that the global most-popular cryptocurrency may soon disappear.

CNBC’s SquawkBoxEurope interviewed Eswar Prasad about international trade policy, Cornell University.

Bitcoin’s value has fluctuated over time. The price of one Bitcoin fell from approximately $58,000 to under $48,000 in the last month.

While there used to be just a few cryptocurrencies, today there are hundreds and some of them are more useful and more environmentally-friendly than bitcoin.

Blockchain is the new currency underlying technology behind most cryptocurrencies. It is essentially a digital ledger that records virtual currency transactions and distributed over a worldwide network of computers.

Prasad is the author of “The Future of Money: The Digital Revolution Transforms Currencies and Finance” (“Bitcoin’s Use of Blockchain Technology is Not Very Effective”)

He explained that the cryptocurrency uses a “validation mechanism to process transactions that are environmentally harmful” and doesn’t scale well. Indeed, bitcoin’s carbon footprint is bigger than the whole of New Zealand.

Prasad claimed that some of the more recent cryptocurrencies utilize blockchain technology in a far better way than bitcoin.

Blockchain technology, he believes, will “fundamentally change” the finance industry and the way people conduct their day-to-day transactions like purchasing a home or a vehicle.

Prasad stated that, “Given the fact that bitcoin isn’t serving well as an exchange medium, I don’t believe it will have any fundamental value beyond what investor’s faith may lead it to,”

Prasad explained that cryptocurrency has “lit the fire under central banks for them to think about issuing digital copies of their currencies.”

He said that digital currencies may be beneficial because they could provide low-cost payments options that anyone can access, increasing financial inclusion and possibly financial stability.

Prasad stated, “Much though you may not like Bitcoin, it has set off a revolution which ultimately might benefit all us either directly and indirectly.”