CEOs of major financial companies are jumping on the bearish-on-blockchain bandwagon, with both Wells Fargo’s and Mastercard’s CEOs telling CNBC’s Andrew Ross Sorkin that blockchain’s utility in the business world is still unproven and unclear at the Fintech Ideas Festival on Wednesday.
According to the American multinational financial services companies’ CEOs, blockchain technology is still overhyped and its use-cases for the industry are still unproven — which is almost downright laughable, given the fact that anyone reading this can transfer value overseas with Bitcoin (BTC) faster than they can with a Wells Fargo bank transfer (and for lower fees).
Despite the fact that Bitcoin’s blockchain (and others, for that matter) have proven themselves capable of facilitating speedy and low-fee trustless transactions, Wells Fargo CEO Tim Sloan thinks blockchain technology is overhyped. He stated on stage in San Francisco:
Blockchain has been way oversold. I think the fundamental technology is very interesting, but…