VISA CEO Says Bitcoin is Like Digital Gold During Q2 Earning Call

Published April 29, 2021 | Updated April 29, 2021

Visa

VISA CEO Says Bitcoin is Like Digital Gold During Q2 Earning Call

VISA, the payment processing giant today had a Q2 earnings call where the firm talked about various aspects of their growth and roadmap in the coming quarter, however, the most significant aspect was the discussion around cryptocurrencies and companies’ plans of enabling crypto purchase through their network. During the discussion, President and CEO Alfred Kelly divided the cryptocurrencies into two segments one being Bitcoin and the other being stablecoins and CBDCs. He said,

“there’s two market segments as we see it. One is bitcoin, the kind of assets which are primarily held by people. We kind of think of them as the digital gold … And then there are digital currencies, including CBDCs and stablecoins.”

VISA had earlier notified that they have big plans of moving into cryptocurrencies and would allow direct purchase and spending through their network. During the earnings call, the CEO laid out 5 plans that they would be working on to incorporate crypto in their business and those include,

  1. Enabling consumers to buy crypto through Visa cards
  2. Converting crypto to fiat at 70 million Visa merchants
  3. Enabling financial institutions & fintech partners to offer crypto
  4. Allowing financial institutions to settle crypto with stablecoins
  5. Working with banks on CBDCs

MasterCard and VISA Joins Crypto League in a Grand Way

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Until last year the two payment processing giants MasterCard and VISA didn’t seem too keen on cryptocurrencies where on many occasions they reportedly even prohibited crypto-related transactions through their network. However, a lot has changed this bull season leading to the two payment processing giants increasingly looking to integrate cryptocurrencies into their network amid growing demand.t

Not just MasterCard and VISA, some of the biggest wall street critics have also made a U-Turn on their past doomsday prediction for Bitcoin including JP Morgan and Goldman Sachs who have gone onto add Bitcoin and cryptocurrency exposure as clients demand grew.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Prashant Jha 796 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
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