A Bitcoin logo sign outside a cryptocurrency exchange kiosk in Istanbul, Turkey, on Tuesday, April 26, 2022. Both tech stocks and Bitcoin have notched big swings this year as the Federal Reserve becomes less accommodative as part of its fight to combat inflation. Photographer: Erhan Demirtas/Bloomberg

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.

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FTX chief Sam Bankman-Fried says Bitcoin has no future as a payments network

"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.