The global unbanked trade over $100 million per week on the top peer-to-peer exchanges using bitcoin and other cryptocurrencies, but according to Mastercard CEO Ajay Banga, bitcoin is "useless to the unbanked due to its volatility." Instead, Mastercard is trying to get 1 billion people worldwide connected to the old banking system, and they don’t see much use for current digital currencies like bitcoin in the push for greater financial inclusion. Banga points to bitcoin's 50% drop in one day at the start of coronavirus lockdowns in March, despite bitcoin recovering by over 179% later in the year. “Bitcoin per se is volatile in its valuation,” he said, “Can you imagine someone who is financially excluded trading in a way to get included through a currency that could cost the equivalent of two Coca-Cola bottles today and 21 tomorrow? That’s not a way to get them included. That’s a way to make them scared of the financial system.” According to ETF Trends, bitcoin has actually exhibited lower volatility than 172 stocks (34%) of the S&P 500. According to a new report by Fidelity Digital Assets, Bitcoin had almost no correlation to other asset classes from 2015 to 2020. People without bank accounts lack access to credit and pay much higher fees for financial transactions with banks than bitcoin. Africa population is young, tech-savvy, and many live in areas with frequent monetary crises, currency failures, hyperinflation, and expensive means of payment due to corrupt governments and exorbitant banking fees. Five years ago, Banga pledged to help 500 million people gain access to the financial system, and this year they are aiming for 1 billion people. That has led to programs like partnering with Save the Children Yemen and World Vision on voucher-based payments programs in Africa and Asia. Still, Benga has it wrong on bitcoin. Monthly crypto transfers to and from Africa categorized as small (under $10,000) are up 55% over the past year, reaching a peak of $316 million in June 2020. When Zimbabwe’s inflation skyrocketed in 2015, forcing authorities to print $100 trillion notes (each worth just $40 at the time), many Zimbabweans turned to bitcoin. Now, the Zim notes are sold under Toys & Games on Amazon.