Mastercard’s CEO predicts when cryptocurrency will go mainstream
Mastercard’s CEO Michael Miebach believes that cryptocurrencies have high potential for mass adoption, but it will take longer than expected.
According to Miebach, investors are still interested in cryptocurrencies, but other people are not yet ready to use them in everyday life. However, if regulators impose appropriate regulations, the majority of consumers around the world may start to use cryptocurrencies for their daily transactions and settlements.
Miebach believes that relevant laws should be created as soon as possible. He thinks that it is the lack of industry-wide regulations that slows down the mass adoption of cryptocurrencies. People do not yet know how to enter space and how to get sufficient security on their assets.
Miebach as an example cited the purchase of NFTs, saying that this process is very inconvenient. In order to simplify it, the company partnered with Coinbase. This June, Mastercard announced that its clients will be able to purchase NFTs for fiat currency.
He also noted that Mastercard allows investors to quickly and safely understand issues related to cryptocurrencies.
In general, Mastercard is optimistic about digital currencies. The company has been developing in the crypto industry for a long time and strives to turn crypto into an everyday means of payment. Last month, Mastercard partnered with BitOasis in order to offer the clients crypto-linked cards.
Furthermore, the company announced support for startups working with blockchain and crypto.