Mastercard CEO: Bitcoin Won’t Help the Unbanked

Mastercard CEO: Bitcoin Won’t Help the Unbanked

By Abhimanyu Krishnan | News | 28 Oct 2020


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

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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