Cryptocurrency News

MasterCard To Power Cryptocurrency Debit Cards As McAfee Calls Bitcoin Old and Worthless Coin

MasterCard is starting to see the viability of cryptocurrencies two years fat it had banned users from buying crypto or funding exchange accounts. It has now changed its stand and looks set to take advantage of the demise of Wirecard.

MasterCard to start supporting crypto debit cards

Wirex will be the first cryptocurrency firm to join the principal Membership of MasterCard. The payment processor valued at 300 billion reversed the stance it took in 2018 following the demise of Wirecard in June. Wirecard used to power most cryptocurrency debit cards like Wirex, and Crypto.com until recently when it filed for insolvency following revelations of years of fraud. Although MasterCard and Visa are the companies seen to fill the newly vacated market share they haven’t been fans of cryptocurrencies.

Following the ban to use their cards for cryptocurrency transactions the payment processors wanted to create their solution that could rival the value proposition of crypto. In 2019, Visa took steps to allow Crypto.com, Coinbase, and many other crypto firms to issues cryptocurrency-backed debit cards. Mastercard seems to have followed suit with Wirex becoming its client to join the Accelerate initiative with more expected to be brought on board.

Read More: The US Election Will Impact On Price Of Bitcoin As Effects Of COVID-19 Continue To Bite

McAfee says bitcoin is an old and worthless coin

Antivirus tycoon, John McAfee has said that Bitcoin is a tired, old and worthless coin. The once biggest supporter of bitcoin was responding to a tweet he had made that bitcoin could reach $500,000 per coin by 2020. Of late McAfee been launching derisive attacks on the largest cryptocurrency.

When he made the prediction he had indicated that if the $500,000 per coin couldn’t come true he would “eat his d**k on national TV.” In response to a Tweeple reminding him of his prediction, he stated that he never believed that bitcoin could get to $1 million and it is absurd because it is an old tired and worthless coin. He added that he just wanted to eat his d**k on TV. But for people who know MacAfee, they can never take his words seriously.

Ruchi Gupta

Ruchi Gupta covers various beats from finance to technology and from lifestyle to hobbies. She has an MBA in Finance. Ruchi enjoys writing on celebrities and political news. She likes traveling and exploring places.

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