Bitcoin cannot function as an inclusive currency for the unbanked due to its volatility, Mastercard CEO Ajay Banga said during Tuesday’s Fortune Global Forum conference. He also cited a lack of knowledge about who is behind the cryptocurrency as concerning.
“I am not a believer in the volatility or, for that matter, the absence of transparency in who is the person who’s involved with that currency. So, that’s why central bank digital currencies, we’re believers in.”
Banga also revealed that Mastercard has a significant patent library relating to CBDCs, which may help explain why he's so positive towards them.
Asked about Bitcoin (BTC) as a potential solution to financial inclusion, Banga claimed that the cryptocurrency doesn’t fulfill the requirements for the unbanked, using a bizarre example about Coke bottles to illustrate its price volatility: