Visa CEO Al Kelly anticipates that cryptocurrency could become â€œextremely mainstreamâ€ within five years. He is working to position Visa in the middle of it should cryptocurrency take off. He further confirmed that Visa is working to allow bitcoin purchases, in addition to enabling the cryptocurrency to be used at 70 million stores where Visa is accepted.
Visa Anticipates Crypto Going â€˜Extremely Mainstreamâ€™
In the Leadership Next podcast with Alan Murray and Ellen McGirt published Tuesday, Visa CEO Al Kelly talked about bitcoin and his companyâ€™s cryptocurrency strategy. Given the recent rise in the price of bitcoin, he was asked what it means for his credit card business.
â€œI would like to divide crypto into two buckets,â€ Kelly began. â€œOne is the more speculative assetâ€ or â€œdigital gold,â€ he explained, adding that he put bitcoin in this category. The CEO elaborated:
Secondly, Visa is â€œworking with some bitcoin wallets to allow bitcoin to be translated into a fiat currency and therefore immediately be able to be used at any of the 70 million places around the world where Visa is accepted,â€ Kelly added.
â€œThe other category of crypto is digital currencies,â€ he continued, adding:
He proceeded to reveal that Visa is â€œworking with lots of playersâ€ in this category. â€œThere are about 35 different players we are working with,â€ he specified, clarifying that â€œThese are currencies that are fiat-backed [stablecoins].â€
His statement echoes what Visa explained in its Q1 2021 earnings call. â€œOur strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credentials to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally,â€ the company informed its shareholders.
During Tuesdayâ€™s podcast, Kelly was also asked where Visa stands given that cryptocurrency is used to lower the cost of transactions, so users do not have to pay as much to Visa and Mastercard as they do today.
â€œThe thing about our business that I actually like is that we donâ€™t pick winners and losers,â€ he described. â€œAs you and I sit here and talk today, I donâ€™t know to what degree cryptocurrencies are going to take off. Are we going to say in five years that it was a fad and it was not a big deal? Or is it going to be extremely mainstream? Iâ€™m not smart enough to know but what I am smart enough to do is make sure that our company is in the middle of it today so that if it takes off, we are in the middle of helping move that money.â€
He then compared Visaâ€™s business model today to how it was previously, clarifying that Visa used to be all about people using its products to buy and sell goods and services. â€œToday we made the company a company all about money movement globally so any kind of funds that are going to flow, we want to be in the middle of that,â€ he affirmed, emphasizing:
What do you think about Visaâ€™s bitcoin strategies? Let us know in the comments section below.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.