Mastercard CEO tells when cryptocurrencies will become mainstream

Mastercard's CEO believes cryptocurrencies will take longer than expected to become mainstream.

In a recent interview, Mastercard CEO Michael Meebach noted that more and more investors want to enter the cryptocurrency market. He said payment services giant Mastercard allows them to do so "as easily and, more importantly, as safely" as any other competing company.

The CEO also believes that the masses will only come after regulators enact laws and regulations for our crypto sector. It's most likely about lowering the level of scams and pacifier projects. And also gives people who prefer classic financial instruments the illusion that deposits will have some security guarantee. However, it's hard to imagine that. And you and I are all aware of that, too. 

"I think there's a long way to go before cryptocurrency becomes mainstream," Michael added.

The executive cited the lack of comprehensive regulations in the industry as one of the main reasons slowing the mass adoption of cryptocurrencies. In his opinion, many people don't know how to enter this sphere and get maximum protection for their assets.

For example, Meebach cited non-exchangeable tokens (NFTs), saying that buying such products is a "complicated experience." To simplify the process, Mastercard teamed up with Coinbase in January:

"We partnered with Coinbase to make buying crypto as simple as buying coffee. I think these things need to be connected, and then you have opportunities for this to become mainstream."

In February, Mastercard reaffirmed its positive stance on the cryptocurrency industry by strengthening its cryptocurrency advisor division with more than 500 college graduates and young professionals.

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