Harold Bossé, MasterCard’s Vice President of New Product Development and Innovation, believes that crypto assets and blockchain technology will be widely adopted sooner rather than later.
According to estimates, millions of people are already consuming and sending crypto assets around the world, as Bossé stated in a blockchain webinar on May 24.
“They are early adopters and new adopters, but we have switched toward mass markets, [and] that will be a very important aspect for financial institutions to move into the space.”
MasterCard VP
MasterCard VP noted some challenges for crypto
He did point out that there are several obstacles to overcome before cryptos become popular. He cited a lack of top management awareness, business reasons concerning scalability, cost, and speed, as well as regulatory considerations.
Bossé, like many others before him, compared the current status of the crypto business to the internet’s early days. “Think about the dawn of the internet; no one could have predicted that Amazon would become a reality – you need the internet for Amazon to function,” he said before adding:
“We’re in the same situation: How do we transform the lives of people and go into demographics or groups of people who don’t really think about blockchain first but think about their business problems?”
With crypto-backed credit services and the recent filing of NFT and Metaverse trademarks, MasterCard has already shown interest in the crypto sector.
Bitcoin and Ethereum, for example, are large cryptocurrency networks that answer a few very specific needs. BTC offers almost instantaneous, low-cost money transfers across international borders, while ETH offers a decentralized application and smart contract Web3 economy. There are many more for the plethora of crypto projects that have sprung up in recent years, but only the most resilient will survive.
The remarks come as cryptocurrency prices continue to fall in what appears to be the start of a long bear market.
Bear markets are frequently regarded as beneficial because they eliminate speculators and leveraged gamblers, allowing strong hands and those who actually believe in what cryptocurrency stands for – financial freedom – to thrive. They also provide investors more time to investigate and accumulate in anticipation of the next bull market.