Mastercard CEO Ajay Banga gives CBDCs an edge over Bitcoin
Bitcoin is winning over the hearts and minds of many of its former critics. But Mastercard CEO Ajay Banga remains unenthusiastic about the red-hot cryptocurrency.
Banga recently told Fortune’s Alan Murray that he was not particularly interested in Bitcoin, giving preference to central bank digital currencies and stablecoins:
Central bank digital currencies are really interesting. Stablecoins a little less so. Bitcoin, not really.
Banga has repeatedly attacked Bitcoin in the past. As reported by U.Today, he said that the volatile cryptocurrency could not be used as a tool for financial inclusion last year:
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.
In 2017, Banga called Bitcoin-like cryptocurrencies “junk” because of their mercurial nature and illicit use cases.
At the same time, Banga has been touting CBDCs for years, claiming that they are a much better option for banking the unbanked.
No, Bitcoin will not be on the Mastercard network
In a blog post published this February, Mastercard said that it would support select cryptocurrencies on its network. So far, it appears that it only relates to stablecoins:
To be completely clear, not all of today’s cryptocurrencies will be supported on our network. While stablecoins are more regulated and reliable than in the recent past, many of the hundreds of digital assets in circulation still need to tighten their compliance measures, so they won’t meet our requirements.
Even though CNN ran an article about Mastercard allowing merchants to accept Bitcoin, the company’s vice chair, Ann Cairns, later clarified that it was not the case:
Bitcoin doesn’t behave like a payment instrument. It’s too volatile and it takes too long to transact.
Visa takes a pro-Bitcoin stance
Notably, Visa, the global leader in payments technology, is taking an almost polar-opposite approach to Bitcoin. CEO Al Kelly recently revealed that Visa planned to enable purchases of the top cryptocurrency, calling it “digital gold” on a Fortune podcast earlier this month.
Is Elon Musk a Shiba Inu Holder? Tesla CEO Says He Owns These Three Crypto Assets
Tesla CEO and tech mogul Elon Musk says he owns only three crypto assets.
Earlier this month, Tesla CEO Elon Musk tweeted a photo of his Shiba Inu puppy, which sparked speculation about his support for the surging Ethereum-based memecoin. However, when a Twitter user quizzed Musk about his SHIB holdings on Sunday, Musk said he doesn’t own any of the Dogecoin (DOGE) competitor.
None— Elon Musk (@elonmusk) October 24, 2021
SHIB is trading at $0.00004275, up a staggering 49,268,197.7% in the past year, according to CoinGecko. Despite Musk’s revelation, Shiba Inu is up more than 14% in the past 24 hours.
Musk also revealed he still holds the same three crypto assets that he said he owned in July.
“Out of curiosity, I acquired some ASCII hash strings called ‘Bitcoin, Ethereum and DOGE.’ That’s it.
As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.”
The Tesla chief executive also elaborated on why he’s been so vocal about supporting Dogecoin (DOGE).
“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own DOGE. They aren’t financial experts or Silicon Valley technologists.
That’s why I decided to support Doge – it felt like the people’s crypto.”
Musk is currently the wealthiest person in the world with a net worth of $255.2 billion, according to Forbes.
Here’s the Line in the Sand for a Bitcoin Breakout, According to Veteran Crypto Trader Tone Vays
Veteran crypto trader Tone Vays says one key price level will act as the breakout line for Bitcoin’s next price spike.
In a new strategy session, Vays says he originally expected Bitcoin (BTC) to pull back even further to about $54,000, but that may not end up happening.
The trader tells his 115,000 YouTube subscribers he likes the fact that Bitcoin’s 128-day moving average is close to crossing above its 200-day moving average, which could suggest more bullish price action in the medium to long term.
Vays says that one more green daily close would put BTC very near $64,000, which is what he calls the “breakout line” for the king crypto. He thinks the resistance around $66,000 is not strong enough to hold off another rise.
“That would get us very close to this line, and I’m using this line as the breakout line… If we can get above this line, I see very little probability that this top will hold, and once we get above this $64,000 line on a sustained basis or an end-of-close or a 24-hour average basis, I’m going to anticipate this top to fall in short order and up and up and up and up we go. So the daily chart, while neutral, is certainly leaning bullish.”
Back in September, Vays accurately predicted that Bitcoin would take out its all-time highs in mid-October. The next part of his prediction sees BTC then grinding its way up to the six-figure mark in late December.
“Just like before, in early October or mid-October, I expect us to start challenging the prior all-time highs and then a huge run-up at the end of the year.
Like mid-October into late December, I’m expecting us to go from that $65,000 all the way to $100,000. That is still my target.”
Bitcoin Events Confirms Crypto Whiz Kid Justin Sun as Keynote Speaker at Crypto Fest 2021
Bitcoin Events is delighted to confirm well-known serial entrepreneur and early blockchain crusader Justin Sun as a keynote speaker at Bitcoin Events’ 3rd annual crypto fest: Crypto Fest 2021: Rumble in the Crypto Jungle.
Mr Sun introduced blockchain as a value network to China in 2012 and was on the Forbes 30 under 30 China and Forbes 30 under 30 Asia list in 2017. He founded the TRON Foundation, one of the largest blockchain-based operating systems in the world, which has its own cryptocurrency dedicated to building the infrastructure for a truly decentralised internet.
Web 3.0, which aims to achieve more intelligent, connected and decentralised websites, will use technologies such as TRONS’s smart contract platform to address current issues of scalability, and speed and cost of transactions without compromising decentralisation and security.
Smart contract platforms, Non-Fungible Tokens (NFTs) and Decentralised Finance (DeFi) are the three trendiest topics in the blockchain industry right now. Crypto Fest 2021 will be focusing on these three hot topics, as will Mr Sun’s keynote address DeFi’s Effect on NFTs, Blockchain, and Web 3.0.
“With the introduction of NFT’s we have seen adoption of DeFi and blockchain technology explode, this is an exciting time in the history of our digital existence,” said Justin Sun, Founder of TRON, “Web 3.0 is the real revolution of blockchain technology, this integration has had remarkable effects on the evolution of the web. I am looking forward to addressing these changing tides at Crypto Fest 2021.”
Entrepreneurs, innovators, and investors attending Crypto Fest 2021 will enjoy talks that examine the future of the crypto industry, as well as discussions reflecting on the crypto industry’s exciting and eventful journey thus far as it overcame major challenges, from scalability and regulation to mainstream adoption by individuals and institutions.
A must-attend for those who appreciate a good debate is the Crypto Battle, which will no doubt prove to be a contentious panel discussion once again. This year’s Crypto Battle is entitled, Mirror on the Wall, Who is the Fairest of Them All? Battle of the Blockchains and will explore the new smart contract platforms and how they stack up against the oldest one of all: Ethereum.
Bitcoin enthusiasts can look forward to Raoul Pal, CEO and Co-founder of Real Vision, who will join Layah Heilpern, author of Undressing Bitcoin and host of The Layah Heilpern Show, in a fireside chat about the future of NFTs and bitcoin’s recent all-time high – and where he thinks the popular cryptocurrency’s price will go next.
Other Crypto Fest 2021 topics include:
- Institutional investment and venture capital in DeFi, NFTs, and crypto
- The NFT hype and what is driving it
- How cryptocurrencies are being used to cope with the effects of hyperinflation and as a tool for financial inclusion
- Why prediction markets are key to crypto’s future
- The huge boom in crypto peer-to-peer trading in Africa
- How Polygon is redefining the blockchain landscape
Crypto Fest 2021 Premier Sponsors are Amber Group, Vertex Technologies, and Yolo Group. The Diamond Sponsor is AmaZix and Gold Sponsors are AltcoinTrader, CryptoCurrencyWire, Luno, and TRON.
This year’s event will take place online and host 40+ speakers, 25+ free sessions with presentations, panel discussions, a crypto battle, workshops, Q&A sessions, and exhibitions. Attendees will also get the opportunity to join dedicated workshops in the breakout sessions, sponsored by FTX and Svalbard money.
To top it all off, attendees will be treated to an after-party with live entertainment by South Africa’s popular deep house band, The Godfathers.
Don’t miss all the fun. A limited number of tickets are still available. Register here to get your free ticket.
Visit the website for more information about Crypto Fest 2021.
About Bitcoin Events
Bitcoin Events is Africa’s leading and largest blockchain and cryptocurrency event coordinator.
Since 2015, Bitcoin Events has hosted 11 events which have attracted more than 350 global speakers and 12 000 delegates from over 165 countries.
Bitcoin Events is the organiser of the annual Blockchain Africa Conference, the Crypto Fest and the DeFi Conference.