Visa’s CEO Alfred Kelly stated that the company viewed Bitcoin and other crypto assets as ‘digital Gold’.
In February Alfred Kelly had shared that the multinational financial services company might add cryptocurrencies to its payments network of over 70 million merchants globally.
“There are cryptocurrencies that represent new assets such as Bitcoin. Second, there are digital currencies or stable coins that are directly backed by existing fiat currencies. We see all currencies in that first segment as digital gold,” the CEO had expressed.
Cryptocurrency market is gaining momentum and we are in a space, where companies like VISA can add differentiated value to the ecosystem. They are uniquely positioned to help make cryptocurrencies more safe, useful, and applicable for payments through their : global presence, partnership approach and brand. It seems that the company realises this very fact.
Previously, the company has also shared that their strategy would be to work with wallets and exchanges.
VISA is not alone in comparing Bitcoin and other cryptocurrency to digital Gold. Managing Partner of SkyBridge Capital Anthony Scaramucci had told CNBC that he sees Bitcoin’s store value “replacing Gold.” This narrative is pushing institutional investors to channel their investments into cryptocurrency and we can see its very effect on the market.
Undoubtedly the entry of VISA in the cryptocurrency space will make the purchase of Bitcoin and other cryptocurrency massively easier. This in the long term will create massive demand for cryptocurrencies. Potential plans of VISA network includes: direct purchase of cryptocurrency through VISA card, Cryptocurrency conversion at Visa Merchant checkpoints, and Cryptocurrency settlement with stablecoins.
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