MasterCard CEO Predicts When Crypto Will Be Mainstream
Mastercard’s Michael Miebach predicted that widespread adoption of cryptocurrencies is still far from happening. While maintaining a positive attitude about the asset class gaining more popularity in the future, Miebach said that proper regulation is needed as soon as possible. Mastercard’s CEO is a supporter of Bitcoin and aims to speed things up until the time when BTC is used as a standard payment method.
In a recent interview with Yahoo Finance, Miebach said that an increasing number of investors are showing interest in exploring crypto assets.
“I think these things need to click, and then you have the building blocks to become normal. I think there’s still a long way to go before crypto becomes mainstream,” the Mastercard honcho was quoted as saying.
Founded in November 1966, Mastercard today provides financial services to millions of people around the world.
To keep up with the new generation of customers, the card services provider is now expanding into the crypto sector.
Last month, Mastercard partnered with blockchain infrastructure platform Paxos in a program designed to help banks and fintech companies offer crypto trading services to their customers.
In addition, the company launched a new tool called ‘Crypto Secure’ which aims to help banks and financial institutions detect and prevent fraudulent activities related to physical digital assets.
Meanwhile, Mastercard CFO Sachin Mehra disagrees with his colleagues. Mehra believes that cryptocurrencies are too volatile in nature to be a reliable payment instrument.
“If something changes in price every day, like your Starbucks coffee today cost you $3 (about Rs. 240) and tomorrow it will cost $9 (about Rs. 715), and the next day it will cost you a dollar. That’s a problem from a consumer perspective,” the CFO was quoted as saying in an interview in August.