VISA and MasterCard vs Bitcoin and Crypto

The CFO of VISA had sharp words against Bitcoin and spoke of a bubble. MasterCard’s senior executive was also rather critical of non-government crypto currencies. In both cases, however, the credit card companies are unlikely to impose sanctions.

It comes as little surprise when representatives of the classical financial system criticize Bitcoin and other crypto currencies. Likewise it hardly surprises unfortunately more, if it lacks this criticism at depth. Leading representatives of VISA and MasterCard, the two largest credit and debit card companies, have made critical comments on crypto currencies.

VISA: Crypto currencies are a bubble, all criminals use Bitcoin loophole

A new rather emotional criticism, because well-founded criticism comes from Vasant Prabhu, the CFO of VISA. In an interview with the Financial Times, he joined the ranks of people who call Bitcoin loophole a bubble. Like many other financial experts before him, he sees the development that people from lower social strata in particular see Bitcoin as an investment opportunity as very worrying:

„I’m worried about the people who ask me about Bitcoin. It’s the chauffeurs who drive me to the airport… If the one who shines your shoes wants to give you investment advice, you know it’s a bubble.“

He trusts a currency controlled by the Federal Reserve Bank because he knows who is behind it. In the case of Bitcoin, however, that would be unknown, Prabhu says.

Finally, he assumed that every crook and corrupt politician would use crypto currencies.

Apart from the untruths and half-truths, which the CFO of VISA spread further in the interview, the image of man is disturbed. According to these statements, those who drive him around in the car and shine his shoes are apparently neither worth putting some money aside nor able to recognize possible trends earlier than he.

MasterCard: Transparent, state-controlled crypto currencies are ok
Ari Sarker, MasterCard’s senior executive, expressed himself more favourably towards crypto currencies – provided they were not anonymous, on the one hand, and controlled by the state, on the other. This confirms the words of MasterCard’s CEO. Ajay Banga described crypto currencies that do not meet these criteria as „garbage“.

Unfortunately, none of the representatives expressed their opinion on how this fits in with the controversial Petro Venezuela.

Despite criticism: no sanctions against Bitcoin

However, the critical words, sharp in the case of VISA, do not seem to have too negative consequences for Bitcoin debit cards and the like. Both MasterCard and VISA have defined the purchase of Bitcoin as a cash payment. This is subject to special fees, but is not prohibited.

VISA does not currently wish to prohibit transactions into the crypto ecosystem. However, VISA attaches great importance to strict anti-money laundering and know-your-customer regulations. Interfaces between the crypto ecosystem and the real economy must be set up accordingly.

MasterCard has even launched a pilot programme in Japan and Singapore which allows Bitcoin investors to withdraw the equivalent value in Fiat to a MasterCard.

Altcoin Market Analysis – Bitcoin secret Cash explodes

Total market capital rose to 326 billion euros at the beginning of this week. All crypto currencies showed profits, with the exception of Bitcoin, which was in the double-digit percentage range.

Bitcoin secret little brother Bitcoin Cash was even able to increase by 75 percent

The Bitcoin secret price development of the ten crypto currencies with the highest market capital, which is stated in billions of euros, is shown. For currencies that are currently not directly exchangeable into euros, the respective trading pair was taken with US dollars as the basis and converted into euros.

The positive price developments continued. All prices continued to hold above the exponential moving averages EMA50 and EMA100 and recorded average price increases of 30 percent. Even if one considers Bitcoin Cash as an outlier with a price increase of almost 80 percent, an average growth of almost 25 percent can still be recorded. The Bitcoin share price „only“ rose by nine percent. Thus Bitcoin forms the tail light regarding price gains in this week.

Total market capital has risen steadily from 265 billion euros to currently 326 billion euros.

The structure of the Top 10 has changed somewhat. EOS was again able to regain 5th place among the crypto currencies.

It is conspicuous that many of the prices considered currently have a short triangle pattern and are moving sideways accordingly. Accordingly, one should wait in front of a long position how the triangle patterns will be left. Good entry points are accordingly broken resistances.

Best price performance: Bitcoin Cash

The upcoming hard fork as well as the burning of BCH tokens from Antpool led to a large increase in the Bitcoin Cash price. Since April 18th, the share price has rallied to highs not seen for two months. A steep upward trend is being followed. A test of the plateau, which determined the price in mid-February, is imminent.

The positive and rising MACD and the overbought RSI at 77 together with the price and trend speak a rather bullish language. The market is currently quite overheated, but the hard fork may go further. In the case of a long position, a stop loss should be placed on the support of the downtrend, currently at 946.94 Euros. The first target would be approximately at the level of the mid-February plateau and thus at 1,240.00 Euros.