Do cryptocurrencies have a future as a means of payment? This question may arise today given the current crisis in the market.
After breaking records in 2021, cryptos and digital assets are facing headwinds this year. The values of major cryptos, like Bitcoin, are collapsing. And recently, there was also the disappearance of the crypto Terra (LUNA).
But despite this situation, some players are still optimistic. And among these is Mastercard’s Vice President of New Product Development and Innovation, Harold Bossé. As TechCrunch reports, in a recent Avalanche webinar, Avalanche indicated that the mass adoption of blockchain technology will happen sooner rather than later.
He also recalled that there are millions of people today who already use digital assets. But he admits that there are still obstacles today that prevent companies from adopting these technologies.
For Bossé, we are currently in a time comparable to the beginnings of the internet. ” […] no one thought Amazon could even be a concept”, he explained. So, today, startups have to come up with new ideas, create products that don’t exist yet.
“We are in the same situation: how do we transform people’s lives and enter the demographics or the groups of people who do not really think about blockchain in the first place but think about their business problems? »he also said.
Note that Mastercard is very interested in blockchain and digital assets.
For example, at the end of 2021, the company announced a partnership with Bakkt allowing the integration of crypto into the activities of companies.
Sherri Haymond, the company’s executive vice president of digital partnerships, explained: “We want to make it easier for all of our partners to add crypto services to their business. Our partners, whether banks, fintechs, or merchants, can offer their customers the ability to buy, sell, and hold cryptocurrencies through integration with the Baktt platform.”
In addition, trademarks registered by Mastercard also suggest that it is interested in NFTs and the metaverse.
Others Think Cryptos Are Worthless
Recently, Bill Gates revealed that he does not hold any cryptocurrencies.
“I don’t own any”wrote the founder of Microsoft. “I like to invest in things that have a valuable return. The value of companies is based on how well they make great products. The value of crypto is exactly what another person decides someone else will pay for it, without adding to society like other investments. »
Following the crypto crash, Christine Lagarde, President of the ECB, also spoke on the subject, and has an opinion similar to that of Bill Gates. “My very humble assessment is that it is worth nothing, it is not based on anything”she said. “There are no underlying assets to act as a security anchor. »
Otherwise, regarding Bitcoin (the main crypto), the boss of the crypto exchange FTX, Sam Bankman-Fried, explained that it has no future as far as payments are concerned, but would rather serve as a reserve of value, like gold. He pointed the finger at the proof-of-work method used to validate transactions, which is energy-intensive, but also slow, and which prevents the creation of a real payment network.