Mastercard CEO: Crypto Will Eventually Enjoy Mass Adoption

The CEO of Mastercard recently shared his thoughts on the future of crypto in an interview.

The global financial system.

Crypto assets such as Bitcoin and Ethereum have one purpose. They all want to be part of the global financial system. However, issues such as anonymity, decentralization and the lack of a clear regulatory framework continue to slow down the process of wider adoption.

According to data from Chainalysis, global cryptocurrency adoption fell in the third quarter of 2021. Earlier that year, in the second quarter of 2021, it hit its all-time high.

However, during the last three months of 2021, adoption statistics rose again. This was partly due to a massive rally with many digital currencies reaching their own all-time highs.

In the last two quarters of 2022, there was a noticeable decline in adoption and usage numbers. That is not surprising since the crypto market entered a bearish cycle. The massive price drop indicated that digital assets still have a lot of work to do to reach the level of adoption they want to achieve. This sentiment was recently echoed again by Mastercard CEO Michael Miebach.

Crypto mainstream

Mastercard’s CEO was recently interviewed about his views on crypto. In it, he got the chance to share his thoughts on the future of cryptocurrencies.

I think it will be a long time before crypto becomes mainstream. The popularity of digital assets will increase and become more attractive if more appropriate regulations are already in place.

– Michael Miebach

Mastercard’s CEO pointed out that there has been a significant increase in the number of major investors willing to put money into digital currencies. However, these investors are discouraged by a lack of comprehensive regulations.

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Because of this, potential investors have no idea how to safely enter this sector. The crypto sector is plagued by cyber attacks from time to time. Mastercard recently entered into a partnership with Binance. This partnership aims to make purchasing NFTs as easy as buying a cup of coffee.

Emerging markets dominate the global adoption index

In a report released by Chainalysis, it was revealed that the US was ranked 5th in the top 20 countries that accept crypto. Vietnam ranks 1st, the Philippines second, Ukraine third and India fourth. Pakistan, Brazil, Thailand, Russia and China made the top 10.

Of the 20 countries ranked by the analysis company, 10 came from the lower-middle-income category. Eight countries came from the upper middle incomes. In addition, the United States and the United Kingdom were the only two countries classified as high-income areas.

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