Long Way to Go Before Crypto Becomes Mainstream, Says Mastercard CEO

Mastercard CEO Michael Miebach talks about crypto NEW YORK, UNITED STATES – 2022/02/17: Mastercard CEO Michael Miebach attends roundtable with U.S. Trade Representative Katherine Tai and NYC leaders for Small Business at NYC headquarters. MasterCard is committed to support small businesses financial security and provided $250 million to them. New York City Small Business Services Commissioner Kevin Kim also joined the roundtable. (Photo by Lev Radin/Pacific Press/LightRocket via Getty Images)

Before bitcoin (BTC) and cryptocurrencies in general can become widely used, a number of factors must align, according to Mastercard CEO Michael Miebach.

When the CEO of Yahoo Finance was asked if a day would come when everyone would be making payments in bitcoin, Miebach agreed that it was a possibility.

Michael Miebach said,

“Entirely possible, but I think it’s a long way to go before crypto becomes mainstream.”

There are some obstacles in the way of crypto going mainstream, including regulations, as well as simplicity and ease of usage.

The CEO stated that “I think this question on regulatory compliance, on scalable technology, on making sure it’s a predictable user experience – why is buying an NFT such a clunky experience? It shouldn’t be.”

The CEO added that he is optimistic about the asset class despite the fact that this will “most likely not” occur in the upcoming six months.

In response to the question of what role Mastercard will play in the future of cryptocurrencies, the CEO stated that the company aims to meet the needs of users who want to use cryptocurrencies.

He continued, “Mastercard wants to make payments in cryptocurrency as simple and secure as any other payment, so users can buy cryptocurrency and pay with it using the card, but also to be able to reverse a payment.”


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