Crypto's bad year may mean it will take a little while longer for digital currencies to become widely adopted, according to Mastercard CEO Michael Miebach.
"I think there's a long way to go before crypto becomes mainstream," Miebach said in an exclusive Yahoo Finance Presents interview (video above).
The year up to this point has been highly volatile for the entire crypto complex, which has in turn held back its wider development.
Rising interest rates have hammered the stock prices of upstart crypto trading platforms such as Coinbase (COIN) and Robinhood (HOOD). At the same time, mass layoffs in the space are well underway, and the backdrop of higher rates has also weighed heavily on the pure prices of digital assets from bitcoin to dogecoin.
Miebach added that the industry needs to get regulation and compliance considerations ironed out before there is mass crypto adoption.
SEC Chair Gary Gensler has sought to lay the groundwork for tough regulation of the crypto industry. The prospect of a more forceful regulatory regime comes after various trading platforms, such as Celsius, blew up earlier this year.
Despite the crypto turmoil, Mastercard unveiled a new program in mid-October called Crypto Source. The program enables financial institutions to bring secure crypto trading capabilities and services to their customers.
"There’s a question of regulatory compliance, of scalable technology, of making sure there's a predictable user experience," Miebach said. "Is that going to happen in the next 6 months? Most likely not. But are we optimistic and are we investing? Absolutely."
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
Click here for the latest crypto news, updates, values, prices, and more related to Bitcoin, Ethereum, Dogecoin, DeFi and NFTs
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Related Quotes
Electric vehicles have gone from a backwater industry to a full-blown revolution over the last few years. Spurred on by the huge growth of Tesla, companies have committed to investing tons of money into the fast-growing sector of the economy. Here's one electric vehicle (EV) stock to buy right now, and two that will likely be poor investments going forward.
Yahoo Finance's Pras Subramanian explains what to watch when Rivian reports earnings.
What happened Shares of Rivian Automotive (NASDAQ: RIVN) hit their lowest level in more than four months today. The stock was trading at the lows of the day, down 11.9% at 1 p.m. ET. That comes ahead of Rivian's third-quarter earnings report coming after the bell today.
Yahoo Finance's Pras Subramanian breaks down third-quarter earnings for Lucid.
Crypto has seen its fair share of crazy days. Tuesday may have been the craziest.
Yahoo Finance Live anchors discuss the decline in stock for Disney following fourth-quarter earnings.
In this article, we will discuss 15 stocks that will double in 2023. If you are short on time, you can skip our discussion and go straight to 5 Stocks That Will Double In 2023. We are almost through the nerve-racking year that 2022 was for equities. Inflation reached record highs, interest rates followed suit, […]
Chart Industries (NYSE: GTLS) just went shopping, and investors aren't happy with the purchase. The manufacturer of equipment for the energy industry and industrial gas markets announced this morning that it has signed a definitive agreement to acquire Howden, a global provider of air and gas handling products and services. In a transaction valued at $4.4 billion, Chart will expand its offerings for customers looking to decarbonize their operations with the acquisition of Howden.
Invitae (NYSE: NVTA) stock was absolutely crushing it on Wednesday, with its shares skyrocketing 19.4% higher as of 11:11 a.m. ET. The huge gain came after the medical genetics company announced its third-quarter results following the market close on Tuesday. Invitae posted a net loss of $301.2 million, or $1.27 per share, based on generally accepted accounting principles (GAAP).
As the crisis at Sam Bankman-Fried's formerly trusted exchange continues, everything hinges on one key question: Where's the money?
The catalyst that sent the artificial intelligence (AI)-based lending platform lower was its third-quarter financial results, which were far worse than expectations. Upstart reported revenue of $157 million, down 31% year over year, while total fee revenue of $179 million slumped 15%. To give those numbers context, analysts' consensus estimates were calling for revenue of $169.4 million and an adjusted loss per share of $0.08, so Upstart wasn't even in the ballpark.
Is this the ultimate safe haven?
Hecla Mining (HL) delivered earnings and revenue surprises of 50% and 12.63%, respectively, for the quarter ended September 2022. Do the numbers hold clues to what lies ahead for the stock?
Yahoo Finance Live anchors discuss third-quarter earnings for AMC.
These top-notch income stocks, which range in yield from 1.8% to 7.6%, are as rock solid as they come.
Question: I think I need a financial advisor. And, pros say, it also sounds like you’d benefit from an hourly or project-based adviser, who will charge you a flat-fee or hourly fee to give you financial advice, rather than managing your investments for you.
A look at the shareholders of Desktop Metal, Inc. ( NYSE:DM ) can tell us which group is most powerful. The group…
Some investors rely on dividends for growing their wealth, and if you're one of those dividend sleuths, you might be…
Shares of laser systems and components maker Coherent (NASDAQ: COHR) are glowing bright green Wednesday morning, up 11.8% as of 10:20 a.m. ET after just barely missing analyst sales targets for fiscal Q1 2023 — but crushing on earnings. Coherent, which is the name of the new company that emerged from the merger of II-VI with Coherent this past summer, was only expected to earn $0.83 per share (pro forma) in its first fiscal quarter, but ended up earning $1.04 per share instead. Costs of the merger, and the specifics of generally accepted accounting principles (GAAP) accounting, meant that GAAP earnings for the quarter were negative $0.56, which won't do anything good for the company's P/E ratio (which now stands at a pricey 34 times earnings).
Clean Energy Fuels (CLNE) delivered earnings and revenue surprises of 50% and 15.53%, respectively, for the quarter ended September 2022. Do the numbers hold clues to what lies ahead for the stock?
Author
Administraroot
Related Posts
