It’s common knowledge that Visa has always been on the anti-Bitcoin bandwagon. Judging by recent comments made by the company’s CFO, it doesn’t look like that is set to change anytime soon. Vasant Prabhu isn’t exactly known to be the voice of the future, but his latest statements seem to take his dated way of thinking a whole new low. In a recent interview he claimed that Bitcoin and cryptos are used by “every crook and dirty politician”, he also said that those buying and selling Bitcoin “have no clue”. In what appears to be legitimate first, Prabhu has managed to insult nearly all Bitcoin users in a single interview, all the while linking them to crime at the same time.
Prabu puts his foot in his mouth
Unfortunately for Visa, Prabhu’s statement have been picked up by various mainstream media outlets. Millions have been left shocked by the fact that an executive of a Fortune 500 company would make such defamatory remarks. His comments regarding those that hold, trade, and spend Bitcoin were deemed ridiculous, while his tired arguments regarding Bitcoin’s foundations have also been called into question. Prabhu said, “With a currency issued by the Federal Reserve, I know who stands behind it,” before attacking Bitcoin, “Who’s good for the money? Who the hell knows?” His rhetoric even took an accusatory turn, “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.”
The tide is turning
It takes a lot for a leading financial figure to be ridiculed by the financial press, which says a lot about how his comments have been received. The days of major firms discounting the merits and importance of the cryptocurrency are now a thing of the past, but Prabhu appears to be hanging onto to his prehistoric opinions. The comments actually fly in the face of what other leading Wall Street mainstays have been saying. Once vocal naysayers of Bitcoin like current JPMorgan Chase CEO Jamie Dimon have changed stance on the cryptocurrency market.
The number of anti-Bitcoin figures within government also appears to be diminishing. Last week, a constructive discussion took place amidst US regulators in a congressional hearing focused on cryptocurrency regulation. Showing the progress that’s been made, the level of resistance amongst government officials was limited. Just one senator – US senator Brad Sherman – made vocal opposition to this discussion, describing Bitcoin as “harmful” and claiming that it could reduce the government’s control over the US dollar.
Coinbase bites back
Visa has been facing a massive backlash within the crypto sector in recent months. The financial services corporation has been called out for its questionable behavior regarding crypto-related business. Coinbase – the leading cryptocurrency exchange – has been particularly angered by Visa’s actions. It has claimed that the company has deliberately caused considerable disruption to customer payments, with there certainly being some degree of truth behind these claims.
Visa continues to lose ground
Visa seems intent on pushing against the growth of Bitcoin. The problem is that the company’s issues with the cryptocurrency movement can’t really be taken seriously. Not only does the resistance feel dated, but when they allow Prabhu to make such laughable statements to the press, you can’t help but feel that Visa has already lost the argument.