Mastercard CEO Ajay Banga doesn’t believe that Bitcoin (BTC) will facilitate greater financial inclusion. The CEO made the statement in the Fortune Global Forum conference on October 27.

• Banga pointed to volatility and the fact that no one entity manages Bitcoin as being an issue - the latter being precisely the reason why proponents support the asset
• The CEO used an example that seemingly tries to refer to volatility to argue why financial inclusion wouldn’t be possible
• “Can you imagine someone [trading] a currency that could cost the equivalent of two Coca-Cola bottles today and 21 tomorrow? That's not a way to get them [included but] make them scared", Banga said
• Banga has previously compared cryptocurrencies to “junk” that shouldn’t be a medium of exchange
• His statements come at a time when multinational investment bank JPMorgan Chase says that Bitcoin could be a strong store of value with a potential multifold price gain
• Mastercard is working on its blockchain-based solutions through a partnership established with R3’s Corda in September 2019