October 29

Bitcoin Too Volatile To Aid Financial Inclusion, Says Mastercard CEO

By Liam Frost

Bitcoin (BTC) is often touted as a tool that can help promote financial inclusion, but its innate price and value fluctuations are just too volatile for it to be useful to the unbanked, according to Mastercard CEO Ajay Banga.

Speaking at the Fortune Global Forum conference, Banga said that “Bitcoin per se is volatile in its valuation.” He added, “Can you imagine someone who is financially excluded trading in a way to get included through a currency that could cost the equivalent of two Coca-Cola bottles today and 21 tomorrow? That’s not a way to get them [included]. That’s a way to make them scared of the financial system.”

Photo courtesy of 5933179

Source: Decrypt (link opens in a new window)

Finance, Technology
financial inclusion