The Chief Executive Officer of Mastercard, Michael Miebach, believes that it will take longer than anticipated for cryptocurrencies to gain widespread acceptance, but he is optimistic that once the right regulations are put in place by regulators, people will find the asset class to be much more alluring.

In the future, according to Miebach, the majority of consumers will utilize bitcoin for their regular transactions and settlements.

However, he thinks this won’t occur in the near future.