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Mastercard CEO: Bitcoin Won’t Help the Unbanked

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
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