Visa CEO Accepting of Cryptocurrencies
The chief executive of Visa, Al Kelly declared that the global corporation doesnt feel particularly threatened by cryptocurrencies, at least in the short term. At the same time, if the digital monetary system becomes stronger, Visa has plans for crypto-friendly arrangements.
According to the Mad Money interview, Kelly thinks that only when cryptos can become as established as fiat currencies will they feel at ease and start taking action. Otherwise, the crypto space is far from endangering the giant company.
Still a Commodity
To Kelly, crypto is still a commodity and hasn’t evolved into becoming a legitimate payment method, but the company is willing, at the right time, to swim with all payment flows no matter where and how they’re happening. The nature of currency is not important, what matters is being involved in the future.
The Euro and dollar and all other fiat currencies fall under the authority of governments; they are responsible for the issuance and backing of them, unlike gold and silver which are supported not by governments but as physical commodities. In the crypto space, a few currencies have intrinsic value and others are supported by valuable metals.
A recent collaboration between the application Circle and Coinbase in support of the US stablecoin, a digital coin that equals one American dollar as an alternate payment.
Cryptocurrencies have witnessed a chaotic rise, there are no rules to anything and when the stock market received its most recent punch in the nose in October, the crypto collectively said goodbye to about $18Bn, still a far cry from the wealth wiped off the books in equity markets around the world, totaling in the trillions.
After the company’s abysmal plunge plunge on Wednesday, their shares levitated almost 5% in trading. According to the latest gains report by Visa, the company has a leg up Wall Street and customers will follow it blindfolded.