NO SLEEP LOST: Mastercard's Head Of Emerging Payments Says Bitcoin Is 'Just For Geeks'

Bitcoin has had some amazing publicity in the past couple of months, particularly thanks to some wild swings in its value. Many of its supporters believe that it could become a mainstream currency.

Photo:

Not this guy.

John Lambert is head of emerging payments for Mastercard and it’s his job to ensure he’s across emerging potential currencies and trading platforms.

He’s told David Ramli at the Australian Financial Review that “honestly, to get scale in any of these things you need to be frictionless and have a distribution method that is massed”.

“Having a virtual currency that is only living in the virtual world and then you can occasionally cash out – other than geeks, who is really going to latch onto that?”

Bitcoin is trading at around US$112.

Lambert points out that regular currencies have collateral against payments and “unless you’re talking about millions and billions, it’s an ­experiment. It’s kind of cool, but that’s not enough.”

You can read the full story here.

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