Disclaimer: The views and opinions expressed in this article are those of the Visa executive and do not necessarily reflect the official position Visa has with regards to Bitcoin and cryptocurrencies.
Vasant Prabhu, Visa’s CFO and Executive Vice President, is no stranger to the financial world. As a top executive at the world’s biggest payment network, he has seen financial trends fade and bubbles burst. And he regards Bitcoin as a big bubble just waiting to burst.
Being a recognized figure in finance, many turn to Prabhu for financial advice and opinions. With the cryptocurrency craze ongoing, he has had a number of encounters regarding the topic. “The people asking me are the ones who scare the hell out of me…They have no idea what they are doing,” says Prabhu.
He recalled an encounter with a bank teller telling him his Bitcoin plans and another one where one of the younger members of his extended family excitedly announced his cryptocurrency gains.
“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,” he said.
Still, Visa does not prevent its users from buying cryptocurrencies. It works hard to be compliant with anti-money laundering regulations. However, he says that Bitcoin and other cryptocurrencies are appealing to criminals as they can transfer money under the radar of central banks. He believes that thieves and dirty politicians around the world are into the crypto trend.
In an interview with the Financial Times, Prabhu said:
“My personal view is that cryptocurrencies are more speculative investment commodities than payment options, operating in a very unsettled regulatory environment.”
Do you agree with Mr. Prabhu? What are your thoughts on Bitcoin and cryptocurrency? Tell us in the comment section below.