The CFO of Visa believes that cryptocurrencies are attracting ‘unsophisticated investors’, and expresses concerns over criminal behaviour.
The boom in cryptocurrencies over the past year in particular has led to many to dismiss them as a bubble, and one that likely to burst. You can add another name to that list too, as the Chief Financial Officer of Visa, Vasant Prabhu, has expressed his own view that cryptocurrencies are going through a boom before an eventual bust.
Citing the fact that many ‘unsophisticated investors’ have spoken to him about investing in Bitcoin and digital assets, Prabhu told the Financial Times that “this is the ultimate thing that you hear about when you have a bubble, when the guy shining your shoes tells you what stock to buy”. In saying that, he aligns himself with the likes of Bank Of England governor Mark Carney, who also at the start of the month gave a major speech where he expressed his belief that cryptocurrencies are very much a bubble rather than a genuine alternative.
For Prabhu, he also added his concerns over the use of crypto assets to fund criminal activities. “It’s very hard to get dirty money through a banking system”, he added. “Cryptocurrency is phenomenal for all that stuff”, and “every crook and every dirty politician in the world, I bet, is in cryptocurrency”.
Prabhu has a vested interest in the current status quo, of course, although his views of illegal behaviour are reflected by many in the crypto community, too. Yet with so many senior figures and legislative bodies taking oppositional positions to cryptocurrencies, rather than seeking to address the issues, it’s hard to see too fast a turnaround there.