Cryptocurrency continues to gain more grounds as more and more companies continue to associate with it. Companies and firms like Tesla, MasterCard, BNY Mellon, Apple Pay, and a host of other companies have in one way or the other adopted cryptocurrency into its operations.
Visa’s CEO AI Kelly talked extensively about Bitcoin and Visa’s cryptocurrency strategies while doing an interview with Alan Murray and Ellen McGirt on their Leadership Next Podcast. When asked what the implication of the recent rise in Bitcoin meant for the company he said, ‘I would like to divide crypto into two buckets. One is the more speculative asset or digital gold’. He explained that this was the category Bitcoin belonged to. He went on to talk about this category that, ‘In that category, we are trying to do two things. One is enabling the purchase of Bitcoin on Visa credentials…’
The CEO also revealed that Visa is going into partnerships with some Bitcoin wallet that will enable Bitcoin to be changed into fiat money and be able to be used at any of the 70 million locations around the world that accepts Visa. In his explanation, the CEO explained that the other bucket or category of crypto is digital currencies. ‘There, we see a strong potential for those to become a new payment vehicle. In fact, it could be an accelerant in some of the emerging markets as we look around the world’.
It was during this interview that the CEO confirmed that the company will offer Bitcoin purchases and exchanges. According to him the company has picked to work on two areas of development in regards to Bitcoin. ‘We are trying to do two things. On the one hand we want to allow purchases of Bitcoin with Visa cards, and we want to work with other Bitcoin wallets to allow BTC to be exchanged against money fiat. The goal is to be able to instantly convert currencies to Bitcoin, which would allow more than 70 million merchants around the world to accept BTC’, he said.
The CEO also made it known that he saw great potential in cryptocurrency and that it could become ‘extremely mainstream’ within the next five years. The company’s decision to accept Bitcoin purchases and exchanges is therefore a strategic plan to put it in the middle of it all when cryptocurrency eventually takes off.