Here we have it again, another large CEO bashing cryptocurrency for it’s challenges. Ajay Banga called cryptocurrency “junk” in an interview with CNBC, claiming that a currency cannot fluctuate such amounts at a time and deserve to be considered a method of exchanging currency.
Now, we know that cryptocurrency has it’s downsides, but people are working past them, this is only the beginning of a new era for currency and independent wealth. This could simply be a scheme to manipulate the market to his benefit similar to when the Chase bank CEO JP Morgan did the same thing. Only this time, the community for cryptocurrency and blockchain is bigger than ever, and developing quite the respective reputation. Perhaps Ajay felt with his amount of “power” he could make a swing in the market.
One interesting aspect of all this, is that Mastercard just acquired a patent for blockchain and fiat account related dynamics. We wrote a brief article about it some days ago, I suggest you read into it! Last thing we want is a CEO who does not believe in the heart of cryptocurrency, while on the side acquiring patents to gain a grasp on the new ever growing crypto-economy.
Here is a quote from the CEO, :
“I think cryptocurrency is junk. The idea of an anonymized currency produced by people who have to mine it, the value of which can fluctuate wildly – that to me is not the way that any medium of exchange deserves to be considered as a medium of exchange,” Banga said.
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