[2017-10-10] Mastercard CEO Attacks Bitcoin, Finds Solace in Government Cryptos

[bbc.reporter]

Take a look at the image below. That is the face of a man threatened and scared, and his turban is not helping.

Today, this is the second article I have read that someone from the banking industry has tried to discredit bitcoin. He says any cryptocoin that is not backed by a government is junk. I reckon he does not get it or he is refusing to get it.

For anyone of you who still does not get it, go back to the basics and read Satoshi's white paper.



Ajay Banga, CEO of Mastercard, has leveled a scathing attack on any and all cryptocurrencies that are not government mandated, calling them “junk”.

Digital currencies are almost direct competition for a company like Mastercard, and when asked his opinion on the futuristic technology, Banga was not complimentary of how things stand at the moment.

Knowing that digital currencies are big disrupters in the traditional money market, traditional investors, and now even established money movers, have been scathing.

Banga was not totally against the idea of Blockchain-based money and tokenization, however, his big caveat was that it needs to be government backed.

“If the government creates digital currency, we will find a way to be in the game. We will provide rails for moving currency from customer to merchant. The government mandated digital currencies are interesting. Non-government mandated currency is junk,” he said.

Read this funny article in full https://cointelegraph.com/news/mastercard-ceo-attacks-bitcoin-finds-solace-in-government-backed-cryptos

[jseverson]

It's junk for him because it will be hard for them to make money out of it. Bankers not liking Bitcoin is hardly new.

I find it alarming that they will go all-in on government cryptos though. These, I believe, are the true threats to Bitcoin. They're in direct competition with Bitcoin, which will likely have the same features if not better. They're also backed by the same entity which could pass legislation to outright ban Bitcoin or stifle its growth. Then we have these bankers that are just ready to get on board. I hope it doesn't come to that.

[tiggytomb]

It is quite funny when he says that government mandated digital currencies are interesting yet non government ones are junk, they will be built upon the same technology so it is just a stupid statement.  All of these fee earning companies are obviously fearful of the breakout of bitcoin and digital currencies so there will be a lot more bashing by a lot more people to come.

[ivanpoldark]

Of course Mastercard will  dragg cryptocurrencies through the muck. Because their business was build on high transaction fees, and new e-currencies let us send money without any mediator. They are already on the outside, only government crypto ban can help them to withstand.

[iamTom123]

I can feel that the man above must be so serious in defending the industry that has been good for him but can badly be affected once Bitcoin can go mainstream. Right now, we are not anymore listening to any CEOs of any company big and small who can not accept that Bitcoin is really here to stay. This is the face of a man who is about to be disrupted. And he is using a curious media to pick up his own fight.

After the lessons we learned from that 'Demon' episode, whatever comments coming from people similar to the man will not anymore matter. Bitcoin has been tested last month with all the bad news from rogue China and influential comments from the 'man' and yet Bitcoin is now surging back...we are back for good and 'Demon' and his cohorts should realize that they are not the people to kill Bitcoin as the more they are saying against it the more that Bitcoin can be popular.

No negative comment coming from anybody or nobody can ever kill nor stop Bitcoin! That's a fact!

[senne]

One can feel that someone is getting insecure by the rising power of Bitcoin and in the quote it is definitely Ajay Banga, CEO of MasterCard. The rising popularity is giving benefits to more people and more tension and worries to virtual companies which are government backed. These companies try to bribe government and promote their stuff and make rules according to one wish, with high transaction fees and long procedure to transfer money internationally. Bitcoin is replacing them at a fast speed; the only motive of such interviews is that government put a ban on Bitcoin under the pressure of press and fake rumors. But states are also trying to regulate policies for a better future.                 

[Coin-Keeper]

I feel pretty confident predicting that MasterCard will be accepting BTC as a form of payment within a few years.  Their customers will be given many options from other "vendors" that will accept coins for payment.  There are a great number of large corporations starting to accept BTC for payments, or just buying items online.  Will anyone reading along here really be surprised if in a few years BTC hits 10K and acceptance keeps spreading.  It seems like a no brainer to me as I have observed this process for years and years now.

[S3cco]

Those old dinosaurs are feeling a meteorite is going to hit their poor heads....      

[rindo]

lol... scared??? he is panicking all over the place. His attacks to bitcoin an other alt-coins, calling them "garbage", it´s just a way of trying to diverse attention to the new alt-coins, that goverments and central powered institutions, want to create. He is using his statement as a publicity move, because he supports the blockchain technology but the fact that he, and nobody, can control Bitcoin and other alt-coins terrifies him.

[1Referee]

Those old dinosaurs are feeling a meteorite is going to hit their poor heads....      

I can't even imagine how afraid financial institutions are now they know that something exists that makes them almost completely obsolete. I however think that at some point the saying 'If you can't beat them, then join them' will definitely become reality. I am quite sure if financial institutions implement Bitcoin into their regular way of doing business, and the products that they offer, they too will benefit in the long run. I can definitely see value in banks allowing people to exchange Bitcoin to fiat and vice versa from within their banking portal, as first serious step.

[cioloxl]

Bitcoin is meant to be a digital currency and can still be attacked as it has no powerful allies among the elites, at least not yet. But that's not the case for eth. It's getting more powerful by the day though the EEA. This guy along with Jamie Dimon and other crypto haters will have their rug swept from under them.

[Nameless27]

And again.

This “Junks” also known as “Bitcoin” is giving us money than those financial institutions/banks/MasterCard that only profits in our hard earned money by sitting down on they’re four corners of they’re office with air conditioning system. While we is sweating under the sun with minimum salary and in the end we withdraw our savings on banks without even a 2% interest annually. That’s the big difference.

I do find it ridiculously laughable as this insecure individuals/groups are one by one attacking this cryptocurrency on the other hand bitcoin price is still increasing, so the case is they’re comments are useless.

From the saying, “there is money trash(junk)”. And that is more important for us in this community.

[peter0425]

First bitcoin was a 'fraud' now it is 'junk'? what's next from those bankers?

They are really threaten by the emergence of bitcoin as evident by the attacks coming from all angles. Bitcoin is enjoying a nice ride and those bankers are envious. And one way to attack the enemy from above is to create a lot of FUD again. But it won't work Sir, we have seen it before and most likely won't work the second time around. It's expected though, as bankers has losing a lot of customers and not going to the bank anymore resulting to revenue lost on their part. I'm expecting another round will be fired soon by another big bankers CEO. Bring it on, baby!!!