Elon Musk Bitcoin: Bitcoin future 'unclear' as Elon Musk turns his back

According to Antony Portno, founder of Traders of Crypto, Bitcoin uses "old technology", and ultimately its energy use is "unsustainable".

He said: “Bitcoin is the first coin, and quite comfortably the most notable, it has been adopted by so many within the crypto environment of exchanges and wallets, and its lack of innovation is seen by some as a security benefit.

"The Proof of Work consensus mechanism that Bitcoin uses is old technology.

"It’s slow and expensive to send money, it won’t scale, and it requires an unsustainable amount of electricity to work."

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