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

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.”