The CFO of Visa, Vasant Prabhu, seems pretty upset with Bitcoin. He also thinks that it is a bubble which is about to burst.
Recently, when asked about Bitcoin, he gave the Inquirer piece of his mind. According to him, most of the people who are asking about Bitcoin do not have any clue about it.
According to him, he does not have much knowledge of Bitcoin and is completely alien to it. However, there are quite a few people in his circle who are Bitcoin enthusiasts as well. He further stated that Bitcoin is spreading like a fever. More and more people are talking about Bitcoin. People are looking at Bitcoin as a longer-term investment as well. On the other hand, there are quite a few who are just trading in Bitcoin in order to earn good profits as well.
According to him, since each and every person is interested in Bitcoin, that is the classic case when the bubble is about to burst.
Recently, the US banks have also taken steps in order to ban Bitcoin investments with the help of credit cards. Even though many banks have taken the steps to ban Bitcoin transactions but Visa on its own has not done so. Individual banks have taken steps to ban customers from buying Bitcoins.
Visa complies completely with KYC guidelines. Visa also takes into account the anti-money laundering policies of various countries in which it operates in. This is the reason why it is able to legally operate without any issues.
On the other hand, he thinks that cryptocurrencies are being solely used for money laundering. They are not being used for ledger transactions. This is the reason why he believes that users should stay away from cryptocurrencies. On the other hand, observers think that after the recent scrutiny on Bitcoin, the money laundering activities with the help of Bitcoin as well as other cryptocurrencies are limited and are reducing drastically. This is one of the main reasons why cryptocurrencies like Bitcoin are becoming more transparent as well. This is indeed increasing the amount of credibility in Bitcoin.
Also, there are other cryptocurrencies like Monero, which are completely transparent as well. These cryptocurrencies are now being used after the increased scrutiny on Bitcoin. It remains to be seen whether the authorities are able to stop the usage of completely anonymous cryptocurrencies for criminal activities or not. Currently, it seems like the people who want to launder money are using the completely anonymous cryptocurrencies.