Mastercard CEO: if cryptocurrency is not issued by government, it’s junk

The chief executive of Mastercard, when lately asked about cryptocurrencies, expressed his complete distrust in this phenomenon. In his interview with Economic Times, he told that he and his company are ready to join crypto projects and work with cryptocurrencies on one condition: this digital currency must be issued by a government.

This position largely resembles the words of Jordan Belfort, who is a prototype for the “Wolf of Wall Street” protagonist. Mr. Belfort recommends waiting for government-backed cryptocurrencies and only then invest in this market. Another correlation to Belfort’s point of view is that MasterCard's Ajay Banga also thinks China banned ICOs and exchanges for a reason and not on a whim.

When talking about Bitcoin, Ajay Banga compared the volatility of this currency to a hypothetical situation in which one day Bitcoin equaled 9,000 bottles and later, only one bottle. Mr. Banga is confident that things just don’t work that way - if the asset is truly reliable.