It was once considered the future of financial transactions. Many believe that cryptocurrency’s flagship may not be able to keep up with the rest of the digital currency pack, due to the advents of many other assets.

Sam Bankman-Fried (SBF), the CEO and founder of leading crypto exchange FTX, is one of those who believe that Bitcoin’s future as a payment network is improbable.

SBF criticized Bitcoin’s inefficiency as well as the negative environmental effects of its crypto-mining activities during a recent interview with Financial Times. The CEO said that Bitcoin is not a great fit for the long-term, but proof-of-stake network like appears to be better. These networks are also less expensive and use less energy, not to mention that they have lower transaction fees. He added:

Bitcoin isn’t a payment network and isn’t a scaling network. Things that you’re doing millions of transactions a second with have to be extremely efficient and lightweight and lower energy cost. Stake networks can be shown.

Avalanche founder Emin Gün Sirer has also voiced similar sentiments. According to him, Bitcoin could soon become obsolete because newer blockchains such Aslana or Bitcoin Cash offer multiple uses. According to him, Bitcoin’s speed and its inability to host smart contracts make it difficult for decentralized applications to use it.

Why is Bitcoin not a good payment method? SBF notes that the crypto king has a future as “an asset, a commodity and a store of value.”

The CEO’s view does not come as a surprise as many in the crypto community have echoed similar sentiments. Gary Gensler, the SEC Chair, also acknowledged that Bitcoin is a store value in spite of its volatility last year.

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