Skip to content

More Bubble Talk: Visa CFO loses its S ** t on Bitcoin

Get trading recommendations and read analytics on for only $ 39 a month

Vasant Prabhu, Chief Financial Officer of the Visa Card Leader, Can not Be Reconciled with Bitcoin .

He did not hold back his anger for the Financial Times' decentralized network, emphasizing instead his appeal to "all dirty crooks and politicians", not to mention the distraught speculators. Visa's Prabhu has been "shocked" by misguided retail investors who know just enough about bitcoin to be dangerous.

"The people who ask me are the ones that scare me.You know, guys like the limousine driver at the airport …. They have no idea what's going on. They do, "Prabhu told the FT.

Bitcoin fever is ubiquitous and insulting to the senior finance manager of a global payment company whose brand is woven into a centralized banking system. He calls them "true believers," saying that he is a "dinosaur" for bitcoin lovers who live among him in his San Francisco community.

Mr Prabhu sees all the makings of a bubble, based on the quick profits that even people close to him generate, with a parent having doubled his funds with cryptocurrency.

"It's the ultimate thing you hear about when you have a bubble, when the guy who shows you your shoes tells you what stock to buy," said Mr. Prabhu


US banks have decided to ban credit card payments for cryptocurrencies, while the Swedish Nordea has banned its employees from owning the BTC. While Visa payments are not processed in Bitcoin, the company does not prohibit its customers from dealing with Bitcoin. But that does not mean that Visa's Prabhu has to like it.

"With a currency issued by the Federal Reserve, I know who stands behind … With cryptocurrency, which is good for the money? Who the hell knows?"


Visa firmly enforces customer awareness (KYC) and anti-money laundering protocols, which is another reason why Bitcoin irritates the company's chief financial officer. Crypto-currencies, he suggests, line up the criminal toolbox.

"It's very hard to get dirty money through a banking system." Cryptocurrency is phenomenal for all that … I bet all the scammers and all the dirty politicians of the world are in cryptocurrency, "said Prabhu

At the same time, Bitcoin's involvement in fraudulent activities is declining within the digital wallet traceability factor and a transparent public registry, according to a report from security firm Bromium quoted in Market Watch. But that does not mean that crooks, who get $ 200 billion worth of fraudulent profits every year, turn away from cryptocurrencies. They prefer more anonymous pieces, like Monero.

Image from Shutterstock to photo

Follow us on Telegram.

See also  Kin to Fork Stellar, launches an exclusive Blockchain