Late last week, in a series of statements which let you know how rich he is, a top executive at Visa lambasted Bitcoin with claims that riva...
Late last week, in a series of statements which let you know how rich he is, a top executive at Visa lambasted Bitcoin with claims that rival even the greatest of FUD throwers.
Rich Guy Says ‘Bitcoin is Bad’
Vasant Prabhu, the chief financial officer of Visa — the world’s biggest payment network by market value — has taken time out of his busy schedule to bury Bitcoin beneath a mountain of negativity.
In addition to claiming that cryptocurrency has been utilized by “every crook and dirty politician,” Prabhu stated that the majority of investors have no clue what they’re doing. While subtly flaunting his status as ‘kind of a big deal,’ he told the Financial Times:
The people asking me are the ones who scare the hell out of me. You know, guys like the limo driver to the airport . . . They have no idea what they are doing.
(Because — you know — limo drivers are apparently incapable of making educated investment decisions.)
Prabhu also explained to the Financial Times how a bank teller informed the Visa executive of his plans to sell Bitcoin in March, and how a member of Prabhu’s extended family was excited over having doubled his profit over Thanksgiving dinner. Said Prabhu:
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.
(Which one is the shoe shiner? The bank teller or the member of Prabhu’s family who made an $8000 investment?)
Prabhu’s statements really shouldn’t come as a surprise, however, since he apparently doesn’t understand the original premise of Bitcoin whatsoever. He explained:
With a currency issued by the Federal Reserve, I know who stands behind it. Who’s good for the money [behind cryptocurrency]? Who the hell knows?
(That’s kind of the point, Mr. Prabhu.)
Prabhu also stuck to the mainstream financial institutions’ script by claiming Bitcoin and cryptocurrency is merely a tool for criminals, stating:
It’s very hard to get dirty money through a banking system. Cryptocurrency is phenomenal for all that stuff . . . Every crook and every dirty politician in the world, I bet, is in cryptocurrency.
Ultimately, Prabhu’s views either illustrate his own ignorance in relation to cryptocurrency or his intentional FUD (Fear, Uncertainty, and Doubt) throwing after the company he works for double, triple, and quadrupled charged buyers on Coinbase earlier this year.
As noted by Chris Skinner, a financial technology author:
There is some criminal activity associated with some cryptocurrencies but it is quite minimal. It’s a myth that the financial community want to promote.
Do you think Bitcoin is a bubble, or do you think Vasant Prabhu is merely throwing FUD at something he doesn’t understand and/or wants to undermine? Let us know in the comments below!
Images courtesy of Pixabay, Bitcoinist archives, and Shutterstock.
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